I think the author misses the point. Miami can fit the rich people all in one neighborhood because there aren't so many of them. San Francisco is sitting on an enormous bed of prosperity, and has little cheap land around it. There's not enough room for all the rich people, let alone everyone else. You can't just say, "Toss them in the Marina." (Of as some might prefer, "Toss them off...")
I wish there was an easy answer, because none of the surrounding areas wants to locally address low income housing. My hunch is this needs to be handled on a State level to avoid the NIMBY syndrome. I don't think rent control or shaking down new developers to include a few below-market rooms solves much in the face of such an overwhelming supply and demand imbalance.
I love in Miami; there are A LOT of rich people here. These people are actually rich too, as in 6 figure salaries are what they consider just well off. The majority of them are ultra wealthy Latin Americans or Europeans who live here part of the time and maybe have their kids go to high school here where they basically live on their own in huge apartments.
The sad thing is there is actually shortage in housing and the rents are getting extremely high while wages are absolute shit. It doesn't help that every new apartment complex that gets built are marketed as "luxury" apartments for the ultra rich. There are two separate markets for renters here. When you can build ultra luxury appartments and rent them for $5000 - $10000 a month, there is no reason to construct more lower to middle class housing.
The foreign money was a problem in NYC too. Lots of new buildings with empty apartments owned by international buyers. I like to view myself as a capitalist, but this seems like a break-down of the system. I'm not sure if the problem is regulatory overhead making low-cost housing impossible to build, or what, but it does cause resentment.
I wish there was an easy answer, because none of the surrounding areas wants to locally address low income housing. My hunch is this needs to be handled on a State level to avoid the NIMBY syndrome. I don't think rent control or shaking down new developers to include a few below-market rooms solves much in the face of such an overwhelming supply and demand imbalance.