San Francisco Credit Union Exec Quits Over Expensive Housing

For the second time this week, a prominent Bay Area figure has publicly announced a resignation and relocation due to the region’s expensive housing.

According to a San Francisco Business Times report, Steven Stapp, president and CEO of San Francisco Federal Credit Union, is leaving his position due to his inability to purchase an affordable home, Stapp, who had been renting his residence, is moving to Portland, Ore., where he will serve as president and CEO of Unitus Community Credit Union.

"It was a gut-wrenching decision, but economics are driving us away," Stapp said. "San Francisco is a great city, and I'm a big Giants fan."

Stapp’s announcement follows news that Palo Alto Planning and Transportation Commissioner Kate Downing resigned from her job because she and her husband could not afford to buy a home in their city. Downing and her husband were sharing a home with another couple for a monthly rent of $6,200.

“My family has decided to move to Santa Cruz,” she wrote in her resignation letter. “After many years of trying to make it work in Palo Alto, my husband and I cannot see a way to stay in Palo Alto and raise a family here.”