The high prices of San Francisco real estate and the city’s lack of affordable housing options have been well documented in recent years. As a perfect illustration of that issue, MarketWatch social media editor Sally French reports, a new advertisement is drawing attention.
A billboard has gone up pitching new homes in the “low $1,000,000s.”
That’s right: The supply-and-demand situation in the San Francisco Bay Area is today so out of whack that the people behind a new development in the city’s Lake Merced neighborhood felt they could attract eyeballs with a billboard suggesting their starting–at–$1 million value proposition.
The billboard is selling 1,547 square foot town homes with three bedrooms and two bathrooms.
This development is well removed the city’s hustle and bustle, and it’s not in a traditionally sought-after neighborhood. The Lake Merced area is located in the city’s southwest corner. It’s about as far from the Financial District or the charm and attractions of, say, North Beach as one could get and still be within city limits.