SAN FRANCISCO (KCBS)— San Francisco non-profits being squeezed by rising commercial rents may soon be getting a bail out from the City. This week, two members on the Board of Supervisors introduced legislation to provide the financially-stressed organizations with $2.5 million in rent subsidies.
Last October, several non-profits packed a supervisor’s hearing to complain about rising rents in historically low-rent neighborhoods like Mid-Market and the Tenderloin. Their common complaint was that tech companies are moving in and pushing them out.
One renter claimed during a board meeting’s public-comment period that her rent was $16.40 per square foot annualized. She then said her landlord had informed her that he had a tech company coming in that would pay $32 a square foot and would not be renewing her lease.