Letter to Editor: If Housing is so badly needed, why are the new downtown Cadence units listed on Airbnb?

South San Francisco, CA   October 30, 2019 Submitted by a SSF Resident who chooses to remain anonymous

PREFACE; The Cadence Development has replaced the Lautze Ford Buildings located downtown at 400 Cypress Avenue. This development is 7-stories, with 260 units from 1-3 bedrooms, 568-1364sf, all rentals with leases starting at $3,033 to over $5,171/mo and was developed by By Sares-Regis Group and AFL-CIO Building Investment Trust.

Local neighbors have pushed back against the gentrification happening in what was only recently pretty much a family neighborhood, mixed with businesses. Due to the high demand for housing caused by the excessive/ successful job creation done by South San Francisco, many locals are concerned there is no priority list for those already living, or working, in South San Francisco, for these new developments which impact them directly with congestion, noise pollution. Phase 2 of the Cadence Development is under way.

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Developers rendering

 

‘I was wondering if it was generally known that Cadence, the property with the two new huge apartment blocks on Cyprus, is only about half full and is now listing apartments on Airbnb? They seem to have been given over to some kind of corporate listing company that handles the bookings….one is called Zeus and the other seems to be Kasa and they both are listed on the Airbnb site. The City of South San Francisco seems to be approving these huge complexes left, right and center and yet once they are built, they are so overpriced that people cannot afford them and they end up on Airbnb. This is not the way to mitigate the shortage of affordable housing in South San Francisco. Oh…..and Cadence….who can’t fill the apartments that they have already built, still have Phase 2 to complete which is another 195 units across the road (between Tamarack Lane and Miller ave). All that the City seems to be doing at this time is approving future Airbnb Corporate Accommodations as opposed to providing REAL solutions to our peoples housing needs.’

7 comments for “Letter to Editor: If Housing is so badly needed, why are the new downtown Cadence units listed on Airbnb?

  1. HMB
    October 31, 2019 at 2:49 pm

    Zeus and Kasa are property management companies that buy up condos and then market them as short-term rentals to corporate housing.

  2. Dolores Piper
    October 31, 2019 at 3:38 pm

    This is so true – all of these units are very overpriced at Cadence and the other unit on Baden and Airport. This is ridiculous for the working people of SSF who may need a rental.

  3. Thomas Eglip
    October 31, 2019 at 10:28 pm

    The proverbial nail hit on the head. Its not that there is a housing shortage, but definitely an affordable housing shortage. Listings start at $3000 for a 1 bd 1 bth……the developers go into this know the area cant afford these prices….and what are single people or single income families supposed to do? This is unaffordable housing and we have been hoodwinked yet again. Wait til the spruce development is finished ( old Safeway)…it will be the same story.
    They will push the narrative that 30% of blessings are at or below market rate ( still unaffordable ) or lease to low income tenants….for 1 year…the lease is up and whammy, all if a sudden, because supply and demand, the price “NEEDS” to brought up to market rate……before airbnb , it was the sole condo conversion trick to get low income people out of buildings. They, make more money at leasing those apts to airbnb so the biotech companies , who have high turnovers , have a place for their employees….that’s all this is, a shell game

  4. Jo
    November 1, 2019 at 2:12 am

    STOP SSF from BEING OVER BUILT!! I’ve lived here my whole life. I HAVE NEVER seen SO MANY homeless, strange characters…. SCARED to go to the GROCERY STORE!!!!

    These apartments aren’t HELPING keep good teachers in our district! Why is the city counsel getting away with this?!

    PUC site…. OMG!!!! What a complete nightmare! Who in their right mind (people that we voted for to stand up for us ….) would put a 8 or more story BUILDING in a RESIDENTIAL neighborhood????

  5. Frank Rancatore
    November 1, 2019 at 2:22 am

    I just checked airbnb 2 bedroom at cadence $216.00 a night. Also asked 3 renters on my walk how they liked the apartments. They mostly said the same as it’s spooky being empty and is the neighborhood safe.

  6. Shawn
    November 2, 2019 at 11:05 am

    Disgusting!
    Rich get richer; greedy land developers and corrupt pols who approve this type of money grab.
    Poor get poorer; rest of us who can’t even afford what we pay now in rent that relentlessly goes up every year.
    Reason 236643 to vacate the area…
    Sad but true…

  7. your neighbor
    November 8, 2019 at 8:33 am

    The glut continues………
    Vote these people out. Now you can, with district elections votes go to the only the ones in your district.

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