Who are these people? Probably in their 20s, high paying job out of school, don't give a hoot about saving money and just live it up while the going's good. I can't imagine anyone else going for $4000/mo apartments.
I'm extremely confused as to how people aren't able to find anything for less than $4k/mo. It didn't seem all that unusual to find places for mid 1000s if you're sharing a place and not living downtown, and this is when I was looking less than a month ago. I ended up going with a 2.7k place downtown to myself, junior 1 bed.
It's more than I wanted to pay initially, but 4k minimum seems like a bald-faced lie.
Article doesn't say 4K is minimum. It says 350 sq ft is going for $2000 and 1 bed room apartments near Twitter headquater is going for $4000. If you are sharing for mid-1000s then total cost of apartment comes to ~3500 which is quite inline with what article says. BTW, where I live, you can get 3 bed room apartment with a garage and view of mountains for $1700 and commute of < 0.5 hr to major tech companies. And I thought THAT was too high.
Or, multiple people sharing a place.