The Cartoon Art Museum of San Francisco closed on September 12. A search is on for a new location.
The Guardian reports skyrocketing rent prices in the Bay Area are driving away nonprofits like the Museum.
According to museum curator Andrew Farago, rent accounts for approximately 50% of the nonprofit’s budget. When told the museum’s rent would be doubled, it was the game-over moment….
Statistics published by The Information show commercial rent per square foot in San Francisco has nearly doubled in four years, from $34.02 in 2010 to $64.45 presently. In the third quarter of 2000, at the peak of the dot-com bubble, per square foot commercial rent hit $67.20.
San Francisco mayor Ed Lee’s office has pushed forward on initiatives to assist nonprofits to remain in the city, but it is proving difficult. His office said they were doing “all that we can at the moment to assist the many requests for assistance that are coming in as rent prices soar”.
The Museum, which recently celebrated its 30th anniversary, began preparing for closure last year.