Good morning, Bay Area. As the war in Ukraine continues, gas prices continue their rapid rise here at home with the average in California reaching $5.57 a gallon Wednesday — the state’s highest recorded level. On the other side of the coin, San Francisco-based Stitch Fix (Nasdaq: SFIX) saw its stocks hit an all-time low on Wednesday after the company revealed a negative outlook for its fiscal third quarter and slashed its forecast for the full year. On the ground in San Francisco, the first village of prefab homeless tiny housing — at $15,000 a unit — just opened this week on Gough Street. Here’s what else you need to know in local money matters to help you over the hump.
A recent Bay Area Council report revealed that 70% of surveyed employers reported bringing their workers back to the office by mid-March, and almost the same percentage expect their typical employees will work three days a week or less in the office. The survey pointed to most employers anticipating those days to be likely to be Tuesday, Wednesday and Thursday. The majority reported their new long-term “normal” operations will be fully implemented by June or July. (News release)
The Richmond City Council is considering a special parcel tax for the Nov. 8 ballot levied at owners of vacant lots and unoccupied buildings. Two-thirds of voters would have to approve it. In 2018, a similar proposal there failed with only about 60% of voter approval. (East Bay Times)
A February report from San Francisco-based Apartment List shows that rents in the city increased 0.8% month-over-month, compared to a 0.6% decrease nationally. Month-over-month growth in San Francisco ranks #32 among the nation’s 100 largest cities.Year-over-year rent growth in San Francisco currently stands at 15.6%, compared to -25.5% at this time last year. Still, rents in San Francisco are down by 13.8% since the start of the pandemic in March 2020, with median rents currently standing at $2,343 for a 1-bedroom apartment and $2,711 for a two-bedroom.
SE Ranking, an SEO company, posted on Facebook Monday that Tatiana Perebeinis, the company’s chief accountant, and her two children were killed Sunday by Russian mortar explosions while trying to evacuate near Kyiv. SE Ranking is headquartered in Palo Alto, but its LinkedIn indicates that many of its employees are based in Ukraine. (Silicon Valley Business Journal)
An affordable housing development on the Peninsula is moving ahead after Charities Housing, acting through affiliate Evelyn Avenue LP, bought a 2.3-acre site at 67 E. Evelyn Ave. in Mountain View for $18.1 million. Housing Trust Silicon Valley provided $17.2 million in financing for the property purchase. The project, if built, is expected to provide 160 units of affordable housing. (Mercury News)
Seattle-based Collegium is merging with LoBue & Majdalany Association Management, based in San Francisco. The combined entities will operate under the name SBI Association Management. (News release)
John Hamasaki, a member of the San Francisco Police Commission who is also an outspoken SFPD critic, will step down from his post next month, citing what he called the oversight body’s failures to reform the department. (San Francisco Chronicle)
InterContinental SF Hotel and fine dining restaurant Luce announced today the official hiring of two leading hospitality industry experts with Nicholas Greene (Outlets Manager) and Todd Crain (Director of Operations) joining the staff, effective immediately. Greene teams up with the InterContinental SF following three years with Bacchus Management Group. Crain teams up after his work with The Marriot, Sheraton, Westin, and Hotel Vitale. (News release)
S.F.-based Lilt, a global platform enabling organizations to build and deliver multilingual experiences, announced the appointment of Alice Lulka as head of people and Larry Gloss as vice president and general manager for public sector and managed platform. (News release)
Contrary, an S.F.-based VC firm, raised $75 million for its third fund. (Axios)
Former Uber executive Andrey Liscovich recently left San Francisco for Ukraine to run a volunteer logistics operation. Now he’s researching and collecting tactical gear and supplies using his tech skills and says he’s raised more than $40,000 in the last week along with setting up the website UkraineDefenseFund.org. And here in the Bay Area, Bloomberg reports that an informal network of Silicon Valley executives at Uber, Uber Freight and Jump Bikes are helping to coordinate via a channel on the San Francisco chat platform Discord.
And Mark Ibanez, who began his more than four-decade run as a sportscaster at KTVU the year I was born, will retire at the end of this month. Much like legendary KTVU anchor Dennis Richmond before him, Ibanez will be remembered.
Bay Area Affordable Housing Solutions
Do you own or know of a successful LGBTQ-owned business in the Bay Area? If so, we’d love to recognize the company. This List will be part of a special Business of Pride edition of the San Francisco Business Times publishing June 10.
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