In my recent conversation with Kevin Skiles, and Architect and President of Urban Building Workshop, we got to talking about the state of San Francisco and why he continues to upgrade and invest in commercial and residential real estate. As he said “Our history shows that businesses or government can make colossal mistakes in San Francisco, and the beauty of our culture is that you will be forgiven. You can innovate and start again and end up building a huge business. That’s one of the reasons people want to live here.” So, it got me thinking about our city’s history.

San Francisco has faced numerous challenges over the last 150 years, with each hardship being met with resilience, allowing the city to rebound, often emerging stronger or more vibrant than before. As a dedicated San Francisco realtor, I’ve always believed in the importance of educating my buyers and sellers about this rich history. It not only gives context to the market’s shifts but also provides a broader understanding of our city’s indomitable spirit.

Here’s a timeline of some significant events where San Francisco faced adversity and negative press:

1906 Earthquake and Fire:

• 1906-1910: Immediately after the earthquake, there was a housing shortage due to destruction. Temporary shelters sprang up throughout the city. As rebuilding commenced, there was a surge in construction jobs and a gradual increase in property values.
• 1910-1915: By this time, the city had made significant progress in rebuilding. Property values began to stabilize, and San Francisco prepared to showcase its recovery with the Panama-Pacific International Exposition.

Great Depression (1930s):

• 1930-1934: The early years of the Depression saw a decline in property values and a slowdown in new housing construction.
• 1935-1939: Federal projects like the construction of the Golden Gate Bridge and the Bay Bridge brought some economic relief, leading to a slight uptick in the housing market by the end of the decade.

1960s Civil Unrest and Counterculture:

• 1960-1965: The early ’60s saw a steady housing demand. The influx of the counterculture movement was yet to fully impact housing.
• 1965-1969: As the counterculture movement peaked, neighborhoods like Haight-Ashbury saw increased housing demand. Gentrification started to become a prominent issue.
• “Season of the Witch / Dirty Harry” era (1970s): Altamont, Jonestown, Zodiac Killer, Patty Hearst kidnapping, Dan White murdering Harvey Milk and George Moscone.

AIDS Epidemic (1980s):

• 1981-1985: As the AIDS epidemic began to manifest, certain neighborhoods experienced a decrease in housing prices due to both the health crisis and associated stigmas.
• 1986-1989: Towards the late ’80s, community cohesion and activism brought about revitalization efforts in affected neighborhoods.

Dot-Com Bubble Burst (early 2000s):

• 1997-2000: The lead-up to the bubble burst saw skyrocketing housing prices. There was a rapid influx of tech workers, and the market experienced heightened demand.
• 2000-2003: Post-bubble burst, the market cooled, and housing prices stabilized, with some areas experiencing slight declines.

2008 Financial Crisis:

• 2007-2009: The housing market began to decline in 2007, leading up to the financial crisis. By 2009, foreclosure rates were up, and housing values dropped significantly.
• 2010-2012: Recovery began, helped in part by the renewed boom in the tech sector. By the early 2010s, housing prices were back on the rise.

COVID-19 Pandemic (2020):

• 2020-2021: The pandemic led to a unique scenario where the demand for urban housing dropped. Remote work and the temporary closing of urban amenities made city living less attractive. Rent prices declined noticeably throughout 2020.
• 2021-2023: As the world adapted to the pandemic, some areas in San Francisco began to see stabilization in housing prices. The long-term effects are still unfolding, but early indications suggest a potential for rebounding and reimagining urban living.

In each of these instances, San Francisco faced significant hardships, but its ability to rebound showcases the city’s resilience and innovative spirit. The city’s history suggests a pattern of facing adversity head-on and emerging from it with new strengths and lessons. For example, Kevin Skiles is looking to future trends and is reimagining a small office building near Transamerica tower in downtown San Francisco into the next generation of amenity-based work environment, sometimes referred to as “third space”.  

As we navigate the housing market together, I am committed to leveraging this understanding, ensuring that every transaction is not just a sale or purchase, but a continuation of San Francisco’s remarkable story.