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Rents in San Francisco and Oakland down at the End of 2017

Continuing the trend we first noticed forming at the end of 2016, asking rents for apartments in San Francisco and Oakland ended the year lower than at the start of 2017.

In fact, based on a comparison of nearly 2,400 listings, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments such as Avalon’s new complex in Dogpatch, is currently running around $4,000 a month, which is around 4 percent lower versus the same time last year and roughly 10 percent below a peak in the fourth quarter of 2015.

And the average asking rent for a one-bedroom apartment in San Francisco is currently running around $3,400 a month having crossed the $3,600 mark in 2015.

Read more from SocketSite

Haight neighbors claim 100 percent affordable housing project at McDonald’s is too tall

The rent is too damn high, and to correct this, every San Franciscan is clamoring for The City to build affordable housing — and a lot of it. But one pocket of our sleepy little town is drumming up opposition to a plan for affordable housing at the site of the McDonald’s restaurant on Stanyan Street.

The problem? It’s too tall, they say.

The Haight Ashbury Neighborhood Council — or HANC, as they’re called — penned a public letter in late December laying out its support for the project, in general, but voiced concern that a 65-foot, 7-story-tall development would “substantially change the character of the area,” due to its “height and bulk.”

Read more from the San Francisco Examiner

Rich San Francisco homeowners get sold-off street back

Residents of an exclusive San Francisco neighborhood who failed to pay taxes on their private, gated street for two decades got the street back Tuesday after supervisors voted to rescind the sale of the tax-defaulted property.

The Board of Supervisors split 7-4 on the move, with those in favor saying residents of Presidio Terrace had not received enough notice before their sidewalks, street and common areas were sold at auction in 2015.

Read more from SFGate

San Francisco homeowners want city to give back their street bought by San Jose investor

An investor scooped up one of the toniest private streets in San Francisco after its wealthy owners didn’t pay property taxes for years, a sale that the well-connected homeowners want city leaders to reverse Tuesday.

By taking up the issue, officials have sparked criticism that the city is not as fair and equitable as it claims, but a playground for the rich who don’t have to play by the same rules as everyone else. San Francisco has some of the most exorbitant property prices in the country and has become increasingly unaffordable for many people.

Read more from Mercury News

Historic Pier 70 In San Francisco 100% Leased

Orton Development’s 280K SF Historic Pier 70 is now fully leased. Gusto, an employee benefits company, just finalized a 10-year lease for 50K SF at the property, the San Francisco Business Times reports. Gusto will be moving from its South of Market office at 500 Third St. into the new office at 113 20th St. next summer. The company’s new lease is about double its current lease in SoMa. Gusto expects to increase its San Francisco workforce to over 400 employees within the next few years.

Read more from Bisnow

WeWork will open a new SF HQ in the Salesforce Tower

WeWork has money to blow, so the $20 billion startup is putting some of it toward a second headquarters — this time in San Francisco instead of New York, Recode reports. The plan is to locate the HQ in the new 61-floor Salesforce Tower, which is slated to open next year.

WeWork will lease out three floors in the “Bay” area of the tower, which Salesforce Tower describes as “the best vistas to the City, Golden Gate and Bay Bridges.” The plan is for those three floors to serve as both a headquarters for the company’s employees and co-working spaces for WeWork customers.

Read more from TechCrunch

Millennium Tower: ‘60 Minutes’ shows series of cracks in sinking building

There are two things that San Francisco’s Millennium Tower can’t seem to stop doing: slowly sinking, and making headlines.

60 Minutes, which has won 20 Peabody Awards over the course of nearly 50 years, put the spotlight on the troubled tower with a profile that aired on Sunday, in which Millennium residents gave reporter Jon Wertheim a close-up look at the building’s woes.

Read more from Curbed SF

Dropbox signs San Francisco’s biggest office lease ever

File hosting company Dropbox Inc. signed the largest office lease in San Francisco history, taking all 736,000 square feet of the Exchange in Mission Bay.

Dropbox’s 15-year lease surpasses Salesforce.com Inc. (NYSE: CRM)’s 2014 deal for 714,000 square feet at Salesforce Tower, previously the city’s largest. It follows recent six-figure leases from tech giants Facebook Inc. (NASDAQ: FB)Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NYSE: GOOG)’s GoogleInc. In the past year, deals from mature tech companies rather than startups have accounted for the bulk of major office deals.

Read more from San Francisco Business Journal

The Central Subway: San Francisco’s new line to Chinatown

Known as the city’s most densely populated neighborhood and a destination for many packed bus lines, Chinatown has nonetheless been bypassed by San Francisco’s ambitious rail projects throughout the area’s 169-year history.

That will finally change with the completion of the long-planned and transformational but often contentious Central Subway. ISFMTA’s first subway extension in decades, the project will begin at Fourth and King and terminate at the new Chinatown Station currently in progress.

Read more from Curbed SF