"I've been a renter all my life," San Francisco's new mayor London Breed said in her inauguration speech Wednesday. "So many of my friends have left San Francisco. I don't want to see this happen to the next generation."

Addressing a crowd from the steps of City Hall, the first black female mayor of the city outlined an ambitious to-do list to fix some of the city's biggest problems. Among those Breed discussed was the high cost of living. Shee promised to build more housing in a city that has a woefully inadequate supply for the number of high-paying tech-related jobs it creates.

Breed served as President of the Board of Supervisors over the past several years. She has lived in the city most of her life and never owned a home here.

"San Francisco is unaffordable on so many levels," she said.

A recent report found the household income needed to buy a median-price home in the city reached a new high and is now $303,000. The study from Paragon Real Estate used data on sales in the fourth quarter of 2017 from the California Association of Realtors affordability index.

Study: It's harder to escape high rents in SF than in any city on earth

Breed, 43, vowed to stand by immigrants fearing crackdowns from President Donald Trump's administration and to help drug addicts languishing on city streets, unable to get the aid they need.

The new mayor grew up in public housing in the city and frequently talks about the tough love and support she received, especially from a grandmother who raised her but also teachers and civic leaders who spotted her potential.

She promised to pay that forward, with opportunities for every child to get paid internships and job training so they also can be part of the city's promising future.

"I stand at this podium today because a community believed in me. Because our city services looked out for me," Breed said. "Here in the city of St. Francis, we support one another."

MORE: $303K is the annual income now needed to buy a median priced home in San Francisco

Breed is a Democrat, as is just about everybody in public office in San Francisco, which has a population of 870,000 and is about 6 percent black, one of the smallest percentages among major U.S. cities.

She succeeds Mayor Ed Lee, whose unexpected death in December prompted a special June election to serve the remainder of his term. She must run again in November 2019 if she wants a full four-year term.

Breed was most recently president of the San Francisco Board of Supervisors. As mayor, she will earn an annual salary of $335,996.

The Associated Press contributed to this report.