San Francisco, California

Moore. As of 2005, several areas of the world are thought by some to be in a bubble state, although the subject is highly controversial; see:. Other famous San Franciscans include philanthropist Gordon Getty, publisher William Randolph Hearst, journalist Ambrose Bierce, and co-founder of Intel Corporation and the author of Moore's law, Gordon E. See also: real estate economics. Notable actors include Robin Williams, Danny Glover, Benjamin Bratt and Cheech Marin. A basic summary of the progress of housing indicators for US cities is provided by Business Week [6]. Notable artists include film directors Francis Ford Coppola, George Lucas (who recently opened up his new mega millions digital center in the Presidio), Home Alone and Harry Potter director Chris Columbus and Quills Philip Kaufman, who set his most recent film Twisted in his adopted home city. The valuation component measures how expensive houses are relative to what most people can afford, and the debt component measures how indebted households become in buying them for home or profit (and also how much exposure the banks accumulate by lending for them).

San Francisco is a haven for many filmmakers and actors, both mainstream and independent. Indicators describe two interwoven aspects of housing bubble: a valuation component and a debt (or leverage) component. US Supreme Court Associate Justice Stephen Breyer, former Governors of California Jerry Brown and Pat Brown, US Senator Dianne Feinstein, House Minority Leader Nancy Pelosi, former US Secretaries of Defense Robert McNamara and Caspar Weinberger, and current FBI director Robert Mueller. By comparing current levels to previous levels that have proven unsustainable in the past (i.e. led to or at least accompanied crashes), one can make an educated guess as to whether a given real estate market is experiencing a bubble or not. Simpson, baseball legend Joe DiMaggio and Olympic gold medallist and Football Hall-of-famer Ollie Matson are all sports figures with San Francisco connections. In attempting to identify bubbles before they burst, economists have developed a number of financial ratios and economic indicators that can be used to evaluate whether homes in a given area are fairly valued or not. American football legend O.J. .

Some notable examples are photographers Ansel Adams and Dorothea Lange, "mother" of Modern Dance Isadora Duncan, author Armistead Maupin, and 19th century author Robert Louis Stevenson. Therefore this article focuses on housing bubbles and mentions other sectors only when their situation differs from housing. Many notable people have hailed from or lived in San Francisco. Other sectors such as office, hotel and retail generally move along with the residential market, being affected by many of same variables (incomes, interest rates, etc.) and also sharing the "wealth effect" of booms. There are now plans in the works to build a major cruise ship terminal/mall similar to Pier 39 at Piers 27-31, southeast of Pier 39. Due to low inflation in most countries, future corrections may result in a fall in both real and nominal house values. Most of the port's activities are now mostly for commuter ferries that leave from the Ferry Building, cruise ship docking, and tourism. In select markets though, housing prices have fallen in real and nominal dollars, such as Los Angeles during the late 80s and early 90s.

Many of the piers remained derelict for years until recently, when the port converted many of the piers to office space and sold them. Historically due to inflation, prices do not fall in nominal terms, rather they stay "flat" for a period of 3-5 years. The advent of container shipping made San Francisco's pier based port obsolete, as much of the city's container traffic is now limited to a small port in the south-east corner of the city, or sent across the bay to the Port of Oakland. Unlike a stock market crash following a bubble, a real-estate "crash" is usually a relatively slower process, because sellers just decide not to sell. The Port of San Francisco was once the largest and busiest seaport on the west coast, but that title is now held by the joint ports of Los Angeles and Long Beach. The crash of the Japanese asset price bubble from 1990 on has been very damaging to the Japanese economy and the lives of many Japanese who have lived through it [4], as is also true of the recent crash of the real estate bubble in China's largest city, Shanghai [5]. Mineta San Jose International Airport (SJC), 44 miles (70.8 km) southwest of San Francisco. US Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at a minimum, there's a little 'froth' (in the US housing market) … it's hard not to see that there are a lot of local bubbles" [3].

Other large airports in the region include Oakland International Airport (OAK), 20 miles (32.2 km) east of San Francisco and Norman Y. The Economist magazine said that "the worldwide rise in house prices is the biggest bubble in history" [2], and real estate bubbles are believed to to exist in many parts of the world, especially in many areas of the United States, Great Britain, Australia, New Zealand, Ireland, Spain, and China. Rail extensions there include BART and Caltrain via BART at nearby Millbrae, California. Just like any type of economic bubble, it is difficult for many to identify except in hindsight, after the crash. During the late 1990s economic boom, SFO was the sixth busiest international airport in the world, but has since fallen off of the top ten during the economic depression of 2000-2001. It is characterized by rapid speculative increases in the valuations of real property such as housing until they reach unsustainable levels relative to incomes and other economic elements, followed by decreases that can result in many owners holding negative equity (a mortgage debt higher than the value of the property). It is the only major international hub airport in California other than LAX in Los Angeles. A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets.

San Francisco International Airport (SFO) is located 8 miles (12.9 km) south of the city in San Mateo County on a landfill extension into the San Francisco Bay. The Two-Income Trap: Why Middle Class Mothers and Fathers are Going Broke, New York: Basic Books. A small fleet of commuter ferries operate from the Embarcadero to points in Marin County, Oakland, and north to Vallejo in Solano County. Elizabeth Warren and Amelia Warren Tyagi (2003). In addition, a frequent commuter rail service, Caltrain, operates between San Francisco, San Jose, California and Gilroy, California. Benjamin Wallace-Wells, "There goes the neighborhood", Washington Monthly, 2004 April. BART (Bay Area Rapid Transit) is the regional transit system, which connects San Francisco with the East Bay through an underwater tunnel (the Transbay Tube), and Northern San Mateo County, California communities and San Francisco International Airport on the San Francisco Peninsula. Personal Finance for Dummies, 4th ed., Foster City, CA: IDG Books.

Muni is the city-owned public transit system which operates the Muni Metro light rail system, the F Market heritage streetcar line and the famous San Francisco cable car system (see right), together with buses and trolleybuses. Eric Tyson (2003). San Francisco has the most extensive public transit system on the West Coast and one of the most diverse in the country. The Only Investment Guide You'll Ever Need (updated ed.), Harcourt Brace and Company. Interstate 280 runs from South of Market to the west, and then south towards Silicon Valley and Highway 1 or Park Presidio Blvd which bisects the westside of the city as an arterial thoroughfare. Andrew Tobias (2005). Northbound, US 101 uses arterial streets, Van Ness Avenue and Lombard Street to the Golden Gate Bridge and Marin County. The Coming Crash in the Housing Market, New York: McGraw-Hill, Inc.

The major highways in San Francisco are Interstate 80 which begins at the Bay Bridge and goes eastbound; US 101 which extends Interstate 80 to the south towards Silicon Valley. Talbott (2003). Similarly, the Golden Gate Bridge is the only direct road access to Marin County. John R. From San Francisco, the Bay Bridge is the only direct automobile link to the East Bay. Princeton University Press. Because of its unique geography —making "beltways" somewhat impractical— and the "Freeway Revolt" of the late 1950s, San Francisco is one of the few cities in the US including Boston and New York City that has opted for European style arterial thoroughfares instead of a large network of major highways. Irrational Exuberance, 2d ed.

However, San Francisco Bay Area Sport Officials are showing interest in yet another bid, for the 2016 games. Shiller (2005). bid but eventually lost to London to host the XXII Olympiad. Robert J. Ultimately, New York won the U.S. A Mathematician Plays the Stock Market, New York: Basic Books. in the International bid to host the 2012 Summer Olympic Games. John Allen Paulos (2003).

Olympic committee to represent the U.S. Norton and Company, Inc. In 2004 San Francisco and New York City were the two finalists chosen by the U.S. W. The city is also home to some famous golf courses, including the Harding Park Golf Course and the courses of the Olympic Club. A Random Walk Down Wall Street, 8th ed., New York: W. Records aside, the race is best known for its colorful costumes and celebratory community spirit (it was initiated after the disastrous 1906 earthquake as a way to boost the city's spirits). Malkiel (2004).

The city is also the home of the annual Bay to Breakers footrace, which holds the world records for greatest number of participants in a footrace (110,000 in 1986) as well as longest consecutively running footrace (annually since 1912). Burton R. The NCAA football Emerald Bowl is held in San Francisco each December. Norton and Company, Inc. Other regional college sports teams include the Stanford Cardinal, the San Jose Spartans and the California Golden Bears. W. College sports include the USF Dons, San Francisco State Gators and the CCSF Rams. The Random Walk Guide to Investing: Ten Rules for Financial Success, New York: W.

The South Bay is the home of the San Jose Sharks of the National Hockey League and of the San Jose Sabercats of the Arena Football League. Malkiel (2003). The Greater San Francisco Bay Area is home also to the Oakland Raiders of the National Football League and the Oakland Atheltics of Major League Baseball, whom both play in the McAfee Coliseum in Oakland, California. Burton R. San Francisco is the home of the San Francisco 49ers National Football League team, who play at Monster Park and the San Francisco Giants Major League Baseball team, who play at SBC Park. All Booms Bust, History in the Making, All Booms Bust: Making Myself Clear.. San Francisco boasts legendary pop music venues such as The Fillmore and The Warfield. Robert Kiyosaki (2005).

Major areas of nightlife in San Francisco are North Beach, the Mission District, the Marina, the Castro, and South of Market. Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money—That the Poor and Middle Class Do Not!, New York: Warner Business Books. San Francisco also has varied nightlife ranging from bars to lounges to clubs. Robert Kiyosaki (2000). Two additional gay choruses, the Lesbian/Gay Chorus of San Francisco and Golden Gate Men's Chorus, also perform throughout the year. The New York Times, December 25th, 2005, Take It From Japan: Bubbles Hurt. In addition to professional, mainstream performing arts, San Francisco is home to the 200-member San Francisco Gay Men's Chorus, the world's first gay chorus, as well as the San Francisco Lesbian/Gay Freedom Band, the world's first gay marching band. The Economist, May 28th, 2002, "Going through the roof.".

The city is also home to the American Conservatory Theater, also known as A.C.T., which has been a leading force in Bay Area performing arts since its founding in 1965. The Economist, May 29th, 2003, "House of cards.". San Francisco's Ballet and Opera are some of the oldest continuing performing arts companies in the United States. The Economist, May 3d, 2005, "Still want to buy?". Performing arts venues in San Francisco include the San Francisco Symphony, the San Francisco Opera and the San Francisco Ballet. The Economist, April 20th, 2005, "Will the walls come falling down?". Other museums include the International Museum of Women, the Museum of the African Diaspora, the Contemporary Jewish Museum, the Museum of Craft & Folk Art, the Cartoon Art Museum, and the Mexican Museum. The Economist, June 16th, 2005, "In come the waves.".

de Young Memorial Museum, and the Asian Art Museum. The Economist, June 16th, 2005, "After the fall.". H. The Economist, December 8th, 2005, "Hear that hissing sound?.". Notable San Francisco museums include the Museum of Modern Art (SFMOMA), the Palace of the Legion of Honor, the M. See also this blog. Through the years San Francisco has been the subject of popular songs, the most famous of which is arguably "I Left My Heart in San Francisco" by Tony Bennett. Barron's, "The Bubble's New Home", June 20, 2005.

Famous fictional works set in San Francisco include The Joy Luck Club, The Maltese Falcon, and Tales of the City. Chinese property bubble [10]. The movies regarded as showing the city at its best include Bullitt, Dirty Harry, and Vertigo. California property bubble. Because of its beauty, San Francisco is a favorite location for movies. Spanish property bubble. It is the world's most popular destination for gay tourists and hosts San Francisco Pride, the world's largest gay pride parade and festival, in June. Japanese asset price bubble.

The high concentration of gay people in the Castro and Noe Valley, coupled with the city's historical contributions to gay rights, has earned San Francisco the reputation of the "Gay Mecca". Irish property bubble. In 2004, it became the new home of the Loveparade that used to be held in Berlin. British property bubble. Movements instrumental in this change include the beat generation or beatniks, the San Francisco Renaissance in the 1950s, hippie culture, women's liberation, gay civil rights, the Summer of Love in the Haight Ashbury, the rise of a substantial punk scene in the 1970s and 1980s, and the rave culture of the 1990s. US property bubble. In the years following World War II, San Francisco accelerated its transformation into a center of alternative culture and lifestyles. In this context, supply-and-demand numbers can be misleading: sales demand exceeds supply, but rent demand does not.

Some of the most notable landmarks are the Transamerica Pyramid and Golden Gate Bridge. A low occupancy rate means that the market is in a state of oversupply brought about by speculative construction and purchase. The two most notable universities in the metropolitan area outside of the city limits are:. The occupancy rate (opposite: vacancy rate) is the number of occupied units divided by the total number of units in a given region (in commercial real estate, it is usually expressed terms of area such as square meters for different grades of buildings). Private colleges and universities:. The price-rent ratio is the average cost of ownership divided by the received rent income (if buying to let) or the estimated rent that would be paid if renting (if buying to reside):. Public colleges and universities include:. This formula is:.

Despite its limited geographical space, San Francisco is home to a multitude of colleges and universities. To compute the P/E ratio for the case of a rented house, divide the price of the house by its potential earnings or net income, which is the market rent of the house minus expenses, which include maintenance and property taxes. The city is served by San Francisco Unified School District, the Archdiocese of San Francisco's dozens of Catholic elementary and high schools, and many other private schools. The price-to-earnings ratio or P/E ratio is the common metric used to assess the relative valuation of equities. Many major American and international banks and venture capital firms have all set up their regional headquarters in the city. Therefore a high ownership ratio combined with an increased rate of sub-prime lending may signal higher debt levels associated with bubbles. The Pacific Exchange is located in the financial district. If a rise in ownership is not supported by a rise in incomes, it can mean either that buyers are taking advantage of low interest rates (which must eventually rise again as the economy heats up) or that home loans are awarded more liberally, to borrowers with poor credit.

Federal Reserve as well as major production facilities for the United States Mint. Also, governments often enact measures such as tax cuts or subsidized financing to encourage and facilitate home ownership. It is the home of the twelfth district of the U.S. It tends to rise steadily with incomes. West Coast. The ownership ratio is the proportion of households who own their homes as opposed to renting. Because of the California gold rush, San Francisco is one of the banking and financial centers of the U.S. A ratio of 1 means 100% leverage; higher than 1 means negative equity.

The Phoenix symbolizes the city's emergence from the ashes of several devastating fires in the early 1850's. This ratio increases when homeowners refinance and tap into their home equity through a second mortgage or home equity loan. Above is a rising phoenix and behind is the bay with sailing ships. The housing debt to equity ratio (not to be confused with the corporate debt to equity ratio), also called loan to value, is the ratio of the mortgage debt to the value of the underlying property; it measures financial leverage. The seal, which was adopted in the 1850s, depicts two working men, on one side a miner and on the other a sailor with a sextant. A variant of this indicator measures total home ownership costs, including mortgage payments, utilities and property taxes, as a percentage of a typical household's monthly pre-tax income; for example see RBC Economics' reports for the Canadian markets (June 2, 2005 report). Underneath the phoenix it has a motto written in Spanish: "Oro en Paz, Fierro en Guerra," which translates into: "Gold in Peace, Iron in War.". When the ratio gets too high, households become increasingly dependent on rising property values to service their debt.

The flag depicts a rising Phoenix, symbolic of the City's recovery from the 1906 fire. The housing debt to income ratio or debt-service ratio is the ratio of mortgage payments to disposable income. In addition, the city is the seat of the First Appellate District of the State Courts of Appeals and the San Francisco County Superior Court. In either case, the usefulness of this ratio in identifying a bubble is debatable; while downpayments normally increase with house valuations, bank lending becomes increasingly lax during a bubble and mortgages are offered to borrowers who would not normally qualify for them (see Housing debt measures, below). The California Supreme Court also maintains branch offices in Los Angeles and Sacramento. (The NAR's methodology was criticized by some analysts as it does not account for inflation [9]). jurisdictions whose highest court and judicial seat is not in the official state or territorial capital. [8].

California, along with Louisiana - its Supreme Court is in New Orleans - are the only U.S. For example, as of 2004 this ratio was equal to one year of income in the UK (Nottingham Trent University paper).
Another variant of this ratio measures the ratio of median family income to the income necessary to qualify for a typical mortgage or a typical home; this is what the National Association of Realtors calls the "housing affordability index" in its publications. The Supreme Court of California is also headquartered in San Francisco, making The City the de facto judicial capital of the state. It is especially important for first-time buyers without existing home equity; if the downpayment becomes too high then those buyers may find themselves "priced out" of the market. Court of Appeals and the Federal District Court for Northern California are headquartered in San Francisco. The deposit to income ratio is the minimum required downpayment for a typical mortgage (definition of "typical" varies), expressed in months or years of income. The Ninth Circuit U.S. According to Goldman's figures, a one-percentage-point rise in mortgage rates would reduce the fair value of home prices by 8%.

As the largest city on the west coast before World War I, San Francisco became and remains the legal hub for the western United States. "However, this estimate is based on an average mortgage rate of about 6%, and we expect rates to rise," the firm's economics team wrote in a recent report. The Mayor's 2005-2006 proposed budget forecasts general fund expenditures of $2.44 billion. [7].
According to a back-of-the-envelope calculation by Goldman Sachs economists, a comparison of median home prices to median household income suggests that US housing in 2005 is overvalued by 10%. A person appointed or elected to fill a vacancy of less than two years is not deemed to have served a full term for purposes of term limits, whereas a person who fills a vacancy with more than two years remaining in the term is deemed to serve a full term and will be able to run for a consecutive term only once. This ratio, applied to individuals, is a basic component of mortgage lending decisions. Vacancies on the Board of Supervisors are filled by mayoral appointment, subject to special election (except as the Charter permits an appointee to remain in office until the general election for the seat is held). It is sometimes compiled separately for first time buyers and termed attainability.

Eyed warily by some and optimistically by others - in both cases owing to the belief that single-transfer voting might favour so-called "progressive" and "minority party" candidates over so-called "conservative" and "mainstream party" candidates - the 2004 general election results showed that belief to be unfounded, as all incumbent Supervisors were returned to office. It is generally the ratio of median house prices to median familial disposable incomes, expressed as a percentage or as years of income. The process continues, as necessary, until one candidate achieves a majority of votes cast and is then declared the winner. The price to income ratio is the basic affordability measure for housing in a given area. If a candidate does not achieve a majority of votes cast when the first choice votes are counted, the candidate with the least number of votes is eliminated and the second choice votes on those ballots are tabulated and "transferred" to the remaining candidates. Under this new ranked-choice system, whenever there are more than two candidates for an office, voters rank their choices in order of preference.

This system replaced the old, expensive system of run-off elections. A single vote transfer system of elections was approved by the electorate and implemented in time for the 2004 general election. Thus, Tom Ammiano, who was elected to the Board of Supervisors in 1994 and 1998 under the old system, then again in 2000 under the new system, was able to run yet again in 2004 (and won). As part of the change to district elections, however, this provision applies to supervisors only as of the first full term of election following its implementation in 2000.

None may serve more than two consecutive terms. The Mayor and members of the Board of Supervisors are subject to term limits under the San Francisco Charter. This is done by secret ballot, typically at the first meeting of the new session commencing after the general election. The President of the Board of Supervisors, under the new system, is elected by the members of the Board from among their number.

Supervisors representing even-numbered districts (2, 4, 6, 8, and 10) were elected to transitional two-year terms in 2000, thereafter to be elected every fourth year (2002, 2006, 2010, etc.). Supervisors representing odd-numbered districts (1, 3, 5, 7, 9, and 11) are elected every fourth year counted from 2000 (so, 2000, 2004, 2008, etc.). The terms are staggered so that only half the board is elected every two years, thereby providing continuity. Under the current system, Supervisors are elected by district to four-year terms.

Following the assassinations of Supervisor Milk and Mayor George Moscone a year later, by Supervisor Dan White who had just resigned, district elections were deemed divisive and San Francisco returned to at-large elections until the current system was implemented in 2000. The first district-based elections in 1977 resulted in a radical change to the composition of the Board, including the election of Harvey Milk, only the third openly gay or lesbian individual (and the first who was male) elected to public office in the United States. The person who received the most votes was elected President of the Board of Supervisors, and the next ten were elected to seats on the board. All candidates appeared together on the ballot.

Prior to 1977 and again from 1980 through 2000, the San Francisco Board of Supervisors was elected at-large. Throughout the United States, almost all cities and counties with populations in excess of 20,000 divide the jurisdiction into electoral districts (in cities, often called "wards") to ensure proportionate representation of the whole community and to evenly distribute the community interaction workload evenly among the members of the governing body (city council, county board of supervisors, etc.) But California has always been disinclined to follow examples set by the rest of the country; and San Francisco, notwithstanding a population of 0.7 million, has been no exception. How the Board of Supervisors shall be elected has been a bone of contention in recent San Francisco history. The current president of the Board is Aaron Peskin, who represents District 3.

The eleven members of the Board of Supervisors (as of January 2005) are listed in the table at right by district number^[4]. If the mayor dies or resigns, the President of the Board of Supervisors assumes the office until a special election can be held. The current mayor is Gavin Newsom. presidential election.

The mayor is elected every four years, in the odd-numbered year that precedes the U.S. Under the current charter, the Government of San Francisco is constituted of two co-equal branches - the executive or administrative branch, which is headed by the mayor and includes other city-wide elected and appointed officials, and the civil service; and the legislative branch, which is constituted of the San Francisco Board of Supervisors, which exercises general oversight over all city and county functions. San Francisco exercises jurisdiction over the Hetch Hetchy Valley and watershed, in Yosemite National Park, pursuant to a perpetual leasehold granted by Act of Congress in 1913, the Raker Act. Thus, the airport, which is about 15 miles south of mainland San Francisco, is legally part of San Francisco because the municipality owns it.

Because counties are administrative divisions of the state, it is legally impossible for two counties to occupy or exercise jurisdiction over the same piece of land. San Francisco International Airport, for example, would be located within San Mateo County but for the fact it is owned and operated by the City and County of San Francisco. It is in the latter capacity that San Francisco exercises jurisdiction over property that would otherwise be located outside of its corporation limit. San Francisco's unique status also makes it a municipal corporation and an administrative division of the state.

San Francisco is the only California city with a board of supervisors, which is also the city council. It is the only metropolitan municipality in California and the only California county with a mayor who is also the county executive. As the official name implies, the City and County San Francisco is a metropolitan municipality, being simultaneously a charter city and charter county with a consolidated government. Out of the total population, 13.5% of those under the age of 18 and 10.5% of those 65 and older are living below the poverty line.

11.3% of the population and 7.8% of families are below the poverty line. The per capita income for the city is $34,556 which is ranked as the 19th highest in the country. Males have a median income of $46,260 versus $40,049 for females. The median income for a household in the city is $55,221, and the median income for a family is $63,545 one of the highest in the United States at 15th place overall and 3rd in a single large city.

For every 100 females age 18 and over, there are 103.1 males. For every 100 females there are 103.4 males. The median age is 36 years. In the city the population is spread out with 14.5% under the age of 18, 9.1% from 18 to 24, 40.5% from 25 to 44, 22.3% from 45 to 64, and 13.7% who are 65 years of age or older.

San Francisco has fewer children, in proportion to the population as a whole, than any other large city in the United States. The average household size is 2.30 and the average family size is 3.22. 38.6% of all households are made up of individuals and 9.8% have someone living alone who is 65 years of age or older. There are 329,700 households out of which 16.6% have children under the age of 18 living with them, 31.6% are married couples living together, 8.9% have a female head of household with no husband present, and 56.0% are non-families.

Gay men outnumber lesbians, who are more concentrated in the suburban East Bay. The City has the highest percentage of gay families (as well as a large numbers of single gay people) of any American county or large city. San Francisco has the largest Chinese population in America and the largest Asian population outside of Hawaii. The ethnic makeup is 19.6% Chinese, 8.8% Irish, 7.7% German, and 6.1% English.

14.10% of the population are Hispanic or Latino of any race. The racial makeup of the city is 49.66% White, 7.79% African American, 0.45% Native American, 30.84% Asian, 0.49% Pacific Islander, 6.48% from other races, and 4.28% from two or more races. There are 346,527 housing units at an average density of 2,865.6/km² (7,421.2/mi²). The population density is 6,423.2/km² (16,634.4/mi²), making it the second densest city of 500,000 or more, as well as the fifth densest county, in the country ^[3].

As of the census^GR2 of 2000, there are 776,733 people, 329,700 households, and 145,068 families residing in the city. San Francisco also contains many public beaches, the most notable being Baker Beach and Ocean Beach. A large fresh-water lake, Lake Merced, is located in the south west corner of the city near San Francisco State University and Fort Funston. Buena Vista Park located in the Haight-Ashbury, is the city's oldest, established in 1867, nearby Alamo Square is famous for its views of the city and the famous Victorian houses known as the Painted Ladies.

The Presidio is part of the Golden Gate National Recreation Area, which includes Alcatraz, and many other large local parks. Another notable park is The Presidio at the south edge of the Golden Gate. The best-known, as well as biggest, park is Golden Gate Park which is 174 acres larger than New York's Central Park. The cornerstones of this development are the SBC Park baseball stadium and an extension of the University of California, San Francisco medical school.

A new neighborhood, Mission Bay, is being redeveloped from an industrial area at the far eastern end of South of Market. The South of Market neighborhood was an epicenter of the dot-com boom of the late 1990s. Current demographic and land use expansion is concentrated in the east and south. Coit Tower, a notable landmark dedicated to San Francisco's firefighters, is located at the top of Telegraph Hill.

Along with New Orleans' streetcars, San Francisco's cable cars are one of only two mobile United States National Monuments. It is still possible to take a cable car ride up and down Nob and Russian Hills. San Francisco is also famous for its Cable cars (narrow gauge, 3'6" (1067 mm)), which were designed to carry residents up those steep hills. Not to be missed are the beautiful homes and area of the city known as Pacific Heights as well as victorians in the Haight-Ashbury and the "painted ladies" of Alamo Square and the Castro.

(See The Castro for more gay demographics.). In addition to the predominantly gay Castro, there are significant concentrations of gays in Noe Valley, Diamond Heights, Bernal Heights, Potrero Hill, Haight-Ashbury, Hayes Valley, and SOMA. The Castro neighborhood has the world's highest concentration of homosexuals. Haight-Ashbury gained prominence during the "Summer of Love" 1960s for its counter-culture and concentration of hippies.

Russian Hill is a residential neighborhood most famous for Lombard Street "the crookedest street in the world". The predominantly Hispanic Mission District is the oldest neighborhood in the city, being the site of Mission Dolores, established in 1776. It also boasts a budding Vietnamese community in the Tenderloin neighborhood, Filipinos in Crocker-Amazon and South of Market, an Italian community in North Beach, a French Quarter, and Irish, Chinese, and Russian communities in the Richmond District. San Francisco has a Japantown and Chinatown; both are among the largest and oldest in the US.

May through September are almost completely free of precipitation. San Francisco receives an average of 19.97 in (507.3 mm) of precipitation annually, 85% of which falls between November and March. In September (the warmest month), lows average 56° F (13° C) and highs average 71° F (22° C). In January, morning lows average 46° F (8° C) and afternoon highs average 58° F (14° C).

In the summer months it will regularly be very foggy and cool in the Sunset District in the western half of San Francisco at the same time that it is sunny and at least 10° F warmer downtown or in the bayside neighborhood of Hunters Point. Even within the city itself there are distinct microclimates, generally much more differentiated in the summer than in the winter. The fog is less pronounced during the late spring and during the months of September and October, which are generally the warmest, most summer-like months of the year in San Francisco. Thus, summer temperatures in San Francisco are significantly lower than in inland locations of the Bay Area and parts of inland California such as the Central Valley, where temperatures regularly top 104° F (40° C) in the summer.

The combination of cold ocean water and the high heat of the California mainland creates the city's characteristic foggy weather that can cover the western half of the city in fog all day during the summer and early fall, as well as cover the rest of the San Francisco metropolitan area as far as 35-50 miles inland (the fog often burns off during the day at inland locations). The Pacific Ocean off the west coast of the city is particularly cold year round with the ocean temperature at about 50° F (10° C) throughout the year. Snowfall is extraordinarily rare ^[1]. Rain in the summer is extremely rare, but winters can be very rainy.

The weather is remarkably cool all year round, characterized by often foggy summers and rainy winters; average daily high temperatures in the summer typically range from 60 - 75° F (15 to 24° C), while in the winter it hovers between 50° - 60° F (10° C to 15° C) during the day but can, on a very cold day, fall to between 41° F (5° C) and freezing at night, although during nearly all winters no temperatures at or below freezing are recorded in most parts of the city. Surrounded on three sides by water, San Francisco's climate is strongly influenced by the cool currents of the Pacific Ocean. In 1997 Treasure Island was returned to the city and it provides a unique vantage point to view the San Francisco skyline. It was a site for the 1939 San Francisco World's Fair, and it was originally envisioned that Treasure Island would serve as the site for San Francisco's municipal airport, but it became a Navy base at the start of World War II.

It was constructed from material dredged from the bay as well as material resulting from tunnelling through Yerba Buena Island in the construction of the Bay Bridge. The most impressive example of an "infill neighborhood" is Treasure Island. Such land is extremely unstable during earthquakes; the resultant liquefaction during earthquakes causes extensive damage to property built upon it, as was evidenced in the Marina district during the 1989 Loma Prieta Earthquake. Entire neighborhoods of the city such as the Marina and Hunters Point were created and sit on man made landfill (made up of mud, sand, and rubble from past earthquakes) and other reclamation projects over the San Francisco Bay when flatland became scarce.

New buildings must be built to very high structural standards, while many dollars must be spent to retrofit the city's older buildings and bridges. The threat of another major earthquake like the 1906 one plays a major role in the city's infrastructure development. The Loma Prieta earthquake of 1989, which also did significant damage to parts of the city, is also famous for having interrupted a World Series baseball game between the Bay Area's two Major League Baseball teams, the San Francisco Giants and the Oakland Athletics. The Daly City Earthquake of 1957 caused some damage.

Earlier significant quakes rocked the city in 1851, 1858, 1865, and 1868. The most serious earthquake, in 1906, is mentioned above. San Francisco lies near the San Andreas Fault and Hayward Fault, two major sources of earthquake activity in California. On top of Mount Davidson is a 103 foot (31.4 meter) tall cross built in 1934.

About 1 mile (1.2km) south of Mount Sutro is San Francisco's highest mountain, Mount Davidson, which is over over 925 feet (282 meters) high. Nearby are the equally well known Twin Peaks, which are a pair of hills resting at one of the city's highest points. Dominating this area is Mount Sutro, which is the site of Sutro Tower, a large red and white radio transmission tower, that is a well known landmark to city residents. Near the geographic center of the city and away from the downtown area are a series of less populated hills.

Some of these hills are neighborhoods such as Nob Hill, Pacific Heights, Russian Hill, and Telegraph Hill, while some of these hills are public parks and open space such as Twin Peaks, Mount Sutro, Mount Davidson, and Buena Vista Park. There are a total of 42 hills within city limits. A "hill" in San Francisco is an elevation that is over 100 ft (30 m). San Francisco is famous for its hills.

The geographical center of the city is on the east side of Grandview Avenue between Alvarado and Twenty-third Streets. The city proper is often reputed to be roughly a seven mile square, and in fact is only slightly smaller. The total area is 79.86% water. 46.7 mi² (120.9 km²) of it is land and 185.2 mi² (479.7 km²) of it is water.

According to the United States Census Bureau, the city and county has a total area of 231.9 mi² (600.7 km²). The problem is a source of much discussion, and has become a significant factor in the politics of the city, most importantly in the mayoral campaigns of Frank Jordan and Gavin Newsom. The city has the highest number of homeless inhabitants per capita of any major city in the United States. Homelessness has been a controversial and chronic problem for San Francisco for many years.

High technology continues to be a mainstay of San Francisco's economy in the early 21st century. When the dot-com bubble burst, it had a major impact on the city's employment and venture-capital markets, but housing has remained expensive. During the dot-com boom of the 1990s, large numbers of entrepreneurs and computer software professionals moved into the city, followed by marketing and sales professionals, and changed the social landscape as once poorer neighborhoods became gentrified; the boom was over by 2001. A further wave of economic expansion and physical development began in the 1980s, with a boom in construction of skyscrapers and high-rise apartments that some referred to as "Manhattanization".

In San Francisco, the quake severely damaged many of the city's freeways, as well as the Marina District and the South of Market. The 1989 Loma Prieta earthquake caused significant destruction and loss of life throughout the Bay Area. city. It also became a center of the Gay Liberation movement; San Francisco has a higher percentage of gay men and lesbians than any other major U.S.

In the second half of the 20th century, San Francisco became a magnet for America's counterculture, drawing artists, Beat Generation writers, rock musicians and hippies. Urban planning projects in the 1950s further transformed the city, tearing down and redeveloping many neighborhoods and introducing major freeways. The opening of the San Francisco-Oakland Bay Bridge and the Golden Gate Bridge in 1936 and 1937 made the city more accessible, and its population grew faster in the 1940s due to its importance as a military base in World War II. At least 3,000 died, while refugees settled temporarily in Golden Gate Park and in undeveloped areas.

The 1906 San Francisco earthquake, and the fires that followed it (burning out of control due to the loss of water supply), destroyed approximately 80% of the city, including almost all of the downtown core. Hostility toward immigrants contributed to lynchings and race riots in the 1850s, and to the Chinese Exclusion Act of 1882, which drastically restricted immigration from China until 1943. The influx of Chinese workers created a sizable Chinatown district, and Chinese Americans remain one of the city's largest ethnic groups. The county originally included what is now San Mateo County.

state in 1850 as it breifly served as its state capital before it moved to San Jose and eventually its permanent home in Sacramento. San Francisco became a county when California became a U.S. The railroad, banking, and mining industries became major economic forces in the city. But a year later, the California gold rush brought a wave of migration and immigration, raising the population from 1,000 to 25,000 by December 1849.

At that point, despite its useful location as a port and naval base, San Francisco was still a small settlement with inhospitable geography. The United States claimed the city on January 30, 1847, during the Mexican-American War. It was during this period that increased American and European settlement increased. The area fell into Mexican hands following its independence and fell into isolation.

Russians also coexisted with the Europeans, having colonized Northern California as far south as Fort Ross in Sonoma County. Though Spain held the port until the Mexican revolution, there was also British settlement in the form of fur trading settlements in the area from 1792 onward following a visit from explorer George Vancouver (the earlier English explorer Sir Francis Drake had missed San Francisco entirely, due to the bay's characteristic foggy weather). A small military fort was also established in what is now the Presidio and on Alcatraz island in the bay, as well as a small village called Yerba Buena. The first Spanish mission, Mission San Francisco de Asis, was established six years later.

The first European to reach the San Francisco Bay was the Spanish explorer Don Gaspar de Portolà,in 1770. By the middle of the 19th century, disease and warfare with European settlers had virtually wiped out the indigenous tribes. Native Americans inhabited the San Francisco Bay Area at least 10,000 years ago; the most recent inhabitants prior to European settlement were the Yelamu. .

San Francisco's famous hallmarks include its cable cars and the Golden Gate Bridge, which are recognized worldwide. San Francisco has unique characteristics when compared to other major cities in the U.S., including its steep rolling hills, an eclectic mix of architecture including both Victorian style houses and modern skyscrapers, and natural beauty, surrounded by the Pacific Ocean and San Francisco Bay. It was a center of the dot-com boom and the explosive growth of the Internet at the end of the century. Long enjoying a bohemian reputation the city became a counterculture magnet in the second half of the 20th century.

The phoenix on the city's flag represents San Francisco's "rebirth" from the ashes of the fire that resulted from the quake. Devastated by the 1906 San Francisco earthquake, the city was quickly rebuilt. With the advent of the California gold rush in 1848, and the Comstock Lode and silver mines in 1859, the city entered a period of rapid growth. The first Europeans to settle in San Francisco were the Spanish, in 1776.

city aside from New York City. census data show that San Francisco has the highest population density of any major U.S. U.S. The city is a focal point of the San Francisco Bay Area, and forms part of the greater San Jose-San Francisco-Oakland Combined Statistical Area (CSA), whose population is over 7 million.

(See Islands of San Francisco Bay). Insular San Francisco includes several islands in the San Francisco Bay and the Golden Gate Strait, notably Alcatraz, Treasure Island, and the Farallon Islands 27 miles offshore in the Pacific Ocean and also most of the privately owned Red Rock Island near the Richmond-San Rafael Bridge. A consolidated city-county, mainland San Francisco is located on the tip of the San Francisco Peninsula. state of California.

The City and County of San Francisco (2004 estimated population 744,230) is the fourth-largest city in the U.S.
Location of the City and County of San Francisco, California. URL accessed on January 29, 2006.. ^  Board of Supervisors District Information.

URL accessed on January 29, 2006.. Population Density, 2000 Census. Lounge U.S. ^  G.I.S.

URL accessed on January 29, 2006.. Bureau of the Census, Washington, D.C., June 1998. ^  POPULATION OF THE 100 LARGEST CITIES AND OTHER URBAN PLACES IN THE UNITED STATES: 1790 TO 1990 U.S. URL accessed on January 28, 2006..

^  San Francisco Historical Snowfall. San Francisco is never referred to locally as "Frisco", a term that marks the outsider as unlikely to be from a western state. Outsiders in the region refer to it as "The City", while natives sometimes refer to it as a town, as in "Are you in Town?". Other nicknames include "Baghdad by the Bay", coined by columnist Herb Cain, and "The City that Knows How".

Each of these streets runs through a tunnel under a hill (Nob Hill and Russian Hill respectively), but formerly went over the hill. Two streets in San Francisco – Stockton Street and Broadway – have two sets of sidewalks. The Golden Grain Company's popular Rice-A-Roni brand mentions the city in its slogan "The San Francisco Treat," both in its advertisements and on packaging of the product. In 2002, San Francisco had as many homeless people as the city of New York even though it has one-tenth of its population, and the number of people who died on the streets was twice that of the entire state of Florida.

The first reinforced concrete bridge in America, the Lake Alvord Bridge, was constructed in Golden Gate Park in 1889. Later in his life, he recanted that vow, although he died before he was able to make the voyage. Opera Tenor Enrico Caruso who was in town during the 1906 Earthquake & fire swore to never return to San Francisco. Stanford University located 33 miles south of the city in Palo Alto, California.

University of California, Berkeley located 12 miles east across the bay in Berkeley, California. Alliant International University, headquartered across from Pier 39 following the merger of the California School of Professional Psychology and United States International University. San Francisco School of Digital Filmmaking. Academy of Art University.

California College of the Arts undergraduate programs in architecture and design, and graduate programs located in Potrero Hill. California Culinary Academy Le Cordon Bleu program located in the Tenderloin. New College of California located in the Mission District. California Institute of Integral Studies in several locations.

Golden Gate University, a business and law school located downtown. The Jesuit-run University of San Francisco, one of the first universities established west of the Mississippi, located in the center of the city. Dugoni School of Dentistry, [5]. The University of the Pacific Arthur A.

City College of San Francisco, one of the largest community colleges in the country is located in the Ingleside, with several extension campuses. University of California, Hastings College of the Law located downtown at its Civic Center. San Francisco State University located in the southwest corner of the city near Lake Merced. University of California, San Francisco, primarily a graduate level health-sciences school, located north of Forest Hill.