Airbnb was founded in 2008, but didn’t really start growing until 2010. San Francisco housing has been unaffordable at least since 1979, when median home prices in the San Francisco-Oakland urban area were four times median family incomes. By 2006, two years before Airbnb’s founding, they were nearly nine times family incomes.
Median Bay Area home prices are now down to seven times median family incomes. So naturally, local activists blame Airbnb for high housing prices. That’s just as dumb as blaming affordability problems on Google and other tech buses.
San Francisco Bay Area housing was affordable in 1969, when median home prices were just a little more than twice median family incomes. What happened between 1969 and 1979? Not Airbnb. Not Google. What happened was that Marin, San Mateo, Alameda, Contra Costa, and Santa Clara counties all adopted urban-growth boundaries that included little or no vacant land for growth.
