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YIMBY Action CEO Laura Foote. Photo: Chris Constantine for Axios

For Axios' first public event in San Francisco, we decided to take on a modest challenge — the Bay Area's housing crisis. All kidding aside, it's the issue on the minds of everyone who lives here, and all the hand-wringing in the world won't solve the issue.

By the numbers: The statistics are daunting, as noted by David Sobel, CEO of the San Francisco Housing Development Corporation. The average San Francisco home price is $1.15 million, while the average rent is $4,700 per month.

  • The city has lost more than half of its African-American population, with fewer than 50,000 African-Americans now able to call San Francisco home. That's about 5% of the resident population as compared to around 12%–13% in the 1970s.
  • Perhaps most sobering of all, with the high prices of land, labor and raw materials, it now costs $650,000 to $850,000 per unit of "affordable housing."
  • That means the only way to actually build affordable housing is with significant subsidies. (Fortunately, a number of federal, state and local programs exist to help do that.)

What surprised me was the unanimity among the four panelists, who ranged from an economist to the leader of an affordable housing nonprofit — everyone agreed that a change in laws and mindset is needed to enable more construction of all types.

That includes everything from the types of large, subsidized buildings that Sobel builds, to the newfangled co-living projects built by Starcity, a Y Combinator-backed startup.

  • While sometimes derided as "dorms for millennials," Starcity CEO Jon Dishotsky said the buildings make efficient use of space, with residents getting more space than some studio apartments while paying rents that start at $800 per month.
  • The furnished units give each resident their own bedroom and bathroom and rely on a shared kitchen/living space that is cleaned daily.

Laura Foote, head of YIMBY Action, argued that the conflict need not be seen as a competition among affordable housing, luxury apartments and new types of living arrangements. All are desired and badly needed.

  • So if everyone realizes this, what's the problem? As you might guess from the name of her organization, it is the fact that so many people oppose large housing projects in their own neighborhoods.
  • A big part of the solution, Foote maintains, would be to allow all projects to be built as long as they conform to established rules. Today, each project must go through a process where any neighbor can object and, in many cases, slow or thwart the plan.

The bottom line: Every unit of housing that gets built eases a tiny bit of pressure and has the long-term effect of moderating prices.

Go deeper: The great family exodus

Go deeper

Updated 28 mins ago - World

Netanyahu is out as new Israeli government survives confidence vote

Photo: Gil Cohen-Magen/AFP via Getty Images

Israel has a new prime minister for the first time since 2009 after a power-sharing government led by Naftali Bennett survived a confidence vote on Sunday. Bennett was sworn in as prime minister.

Why it matters: Benjamin Netanyahu, Israel's longest-serving prime minister and the man around whom Israeli politics have revolved for a decade, will now become opposition leader. Bennett, a right-wing former Netanyahu protege, will lead the most ideologically diverse government in Israeli history.

Updated 48 mins ago - Politics & Policy

Afghanistan, cyber defense on the agenda for Biden in Brussels

Joe Biden arrives at Melsbroek Military Airport in Brussels on June 13. Photo: Yves Herman/POOL/AFP via Getty Images

President Biden touched down in Brussels on Sunday evening ahead of two days of talks with NATO and European Union leaders as part of his first foreign trip as president.

Driving the news: Biden was greeted on the tarmac by Belgian Prime Minister Alexander De Croo and a slate of other officials, including Douglas Jones and Mark Libby, the U.S. Permanent Representatives to NATO and the EU respectively.

Maersk CEO: Global businesses should be wary of politics

Photo: "Axios on HBO"

The CEO of the world's largest container-shipping company cautions that international firms have to be careful of taking political stances.

  • What they're saying: "We cannot run a global business if we start to have views on politics in every single country that we are in," Maersk CEO Søren Skou tells "Axios on HBO."