Who do I envy? I’m green with envy for people living in San Francisco in a rent-controlled apartment. I gave up my rent-controlled apartment by Japantown and the Kabuki, of twenty-two years, to move away from the city. This was in February of 2021, about one year into the pandemic. The ability to go to my pool across the street, which was closed indefinitely in October of 2020– looked like what might have been a “reopening for good” in the summer of 2020–was taken away. I was able to work out at the gym if I had a personal trainer, and I took this picture above, having the whole place to myself with the lead trainer at FitnessSF. Like many of the details of life during Covid–an eerie silence remained.
I’ve been obsessing on Zillow for rental apartments in SF, to see how much of a shock it would be to move back from Honolulu, post lockdown, and see how bad it is at current rents. Would my “mistake” be no big deal? Not bad, actually. In fact, non rent-controlled apartments in brand new buildings, with rooftop grills, exercise areas and incredible lounge areas, are actually cheaper than the older buildings. Always a pessimistic optimist, I know the trap that lies in wait if I take the bait at these “free weeks” or “free months” move-in offers. At least rent-controlled buildings keep the fear of future increases to a minimum, but I laugh at the misdirection rental listings use to fake out the unknowing newcomer in the older units.
Map locations for rent-controlled units are moved blocks away from their actual location. A unit on Noe Street looks like it is conveniently located between Market and 17th, but it’s actually three steep blocks up from 18th, away from all the stores and restaurants. A “deal” on Hayes is pinned just off of Divisadero, right by the Bi-Rite and hardware store, yet when switching to street view, the place is out past Masonic, a longer walk to Haight or Whole Foods.
Other listings show the actual location on the map, but have the street view in a much more favorable location. I laugh when the exterior picture cuts off the property next door which has a chronic homeless encampment, like at Haight and Ashbury. The building on Ashbury is beautiful, but the property to the right is the Ben and Gerry’s with dope dealers and dogs. Another shockingly great deal in a fantastic unit just down from the Castro looks unreal, until you see it’s the building with the Seven-Eleven on the corner, which, like here in Waikiki, has the sidewalks filled with loiterers. Same goes for fantastic Valencia Street and 17th Street units next to bars, cars and jars. Oh, and crack smokers between the cars, after dark. Indeed, the big point to consider is what would going to my lobby door be like after dark?
To be sure, Waikiki is no spring chicken, and I have humorous stories to tell about leaving a city with strong tenant rights, to a zip code that has the highest per-capita ratio of realtors per square mile in the USA! Short term rental realtors make up a large portion of the rental market here in Honolulu. And just like in Missouri where I grew up, I hear the sound of cows. Cash cows. They are coming home, and the fat lady is still preaching to the choir! Thank God, at least, we have hula dancers and surfers, which have very nice bods to nods. And the homeless people here in Hawaii are the most good-looking good humored people I’ve ever had the privilege to meet and greet!
But the tricks Realtors use here in Waikiki are just as rotten as the fear long term renters in San Francisco have, of never asking for anything to get fixed, or to rock the boat and fill the moat. I have learned a lot about legal issues here in Waikiki, and one resonance with recent flooding in a San Francisco high-rise, shows the complexity about who is responsible for flooding which leaks down floor-by-floor. The only person that can sue, is the person one floor below the person above. In the case of San Francisco’s Rincon flood, it’s pretty obvious sabotage was involved, perhaps due to escalator clauses not unlike unfixed mortgage rates. Here in Waikiki, an attempted flood two floors above my unit was triggered, I guess to see if I would surrender my Covid deal and move–but the hotel management and my realtor didn’t know they had a roofer as a tenant. I went to WalMart and fixed the ceiling for eight dollars. You couldn’t tell there ever was damage.
I used the folio app to photograph the damage, but because I developed a relationship with the utility man, I found out what I intuitively knew already. They weren’t going to fix anything. I giggled with glee when I learned about these tactics from a friend who left San Francisco for Honolulu and vowed never to do that again. I learned from him what to expect in Honolulu, and to not have any entitlement issues related with living in a strong rent control city like San Fran.
The homebuyers’ price index shows San Francisco as the number one city in the US as having the sharpest drop in residential home prices in the third quarter of 2022. Seattle and San Diego come in second and third, but San Francisco is the only city in the United States with a house price drop of over thirty per cent! Hearing the drone of the mention of recession and inflation in the news becomes tiring–as tiring as my recent bout of getting Covid.
Priding myself on being updated with vaccines, I got a third booster in March of 2022, and another one in October 2022, and this didn’t seem to have any effect on my body when I got the shots, excuse me, vaccines, when I’m now being told effectiveness has dropped to 41 per cent, far from the original claims of 100 per cent effective. Why are they called vaccines when we call influenza jabs shots?
Recent YouTube blogs now show the quiet removal of evidence that showed Covid was not natural, and that the original US doctor applying for a grant to study viral splicing in Wuhan before 2020, was over-ridden politically such that he was made to come in line with the denial of the horror of the thought we would actually create pandemic style viruses in a lab, “for study.” Oh yeah, and let’s move our manufacturing to another country, too, so that we in the US can claim to be eco-friendly.
Well a lot of that is changing. After weaponizing the dollar against a major power, it looks like 80 to 90 percent of the world is moving to another payment system not based on the Almighty dollar. The Saudis have ended Kissinger’s Petrodollar. It will be interesting to see what happens when the overnight reverse repo markets double again to 8 trillion USD overnight–that’s when I believe we will hear the cowbells and the fat lady singing. No one knows when the “big shebang” will happen, but I believe the overnight reverse repo swaps are wearing the orange armband. Overnight swaps have moved up from 2 trillion to 4 trillion in a matter of months. 8 trillion of liquidity has been added since 2008, and 2 trillion of that is from our current and previous president. See guys, it isn’t blue versus red, or Elephant versus Donkey, it’s complete moral hazard without responsibility. The US still has the ability to keep the dollar strong–if it moves to fiscal, not just monetary, tightening. Jeffrey Christian of the CPM Group has a great call on how to trim spending–“Five Easy Pieces”–starting with pharmacy pooling for Medicare, modest increase in the payroll tax, and three other moves that can be done to keep the dollar strong for years to come.
Upshot? Having the political will to do the right thing. Politicians are still pandering to money and corporate influence. We have to keep voting out the crooks. Recent social blind spots in laughing at a money laundering scheme involving billions is either a comedy or a tragedy depending upon what happened to your bank account.
So, I guess I’m staying in Hawaii. If I do move next year, I know that saying I’m from Hawaii is a lot better than saying I came from San Francisco!