You may have heard of the “Olympics Effect” – that is, the idea that special events have a positive impact on home values in their host cities. While it’s really just a theory, it’s generally acknowledged that prices often do go up and economies often do improve, but it doesn’t last.
San Francisco is gearing up for a little economic boost from the America’s Cup, which will take place sometime in July of 2013. Northern California hasn’t seen an event of such magnitude (so far as we know) since Squaw Valley hosted the Winter Olympics in 1960.
Even if the Cup’s financial effect is short-lived, it will be significant for the city’s rental market, tourism, and infrastructure. In a recent interview with SFGate.com, Chairman of the America’s Cup Organizing Committee Mark Buell said,
“Two thousand people will move to San Francisco for two years,” he says. “These are the crews and their families, so we have to get them all settled and get their kids in schools.”
If nothing else, residents of the biggest, most beautiful city in NorCal will benefit from basic preparations to show San Francisco off to the whole world. And intimate knowledge of the best bird’s-eye views of the race (Lafayette Park, anyone?) is a pretty great perk too.