The City is hoping to spur development by reducing the requirements it places on builders to include affordable housing in their projects.
The Board of Supervisors approved legislation Tuesday that will lower the number of affordable housing units a developer has to tuck into a proposal, as well as the fee that developers can pay in lieu of creating affordable housing.
The bill’s backers are confident the legislation will help make already-proposed projects financially feasible. However, it remains unclear what — if any — impact the legislation will have on encouraging new projects, given the economic headwinds in San Francisco and across the country. “It is not going to be enough for everybody because we don’t control interest rates, and we don’t control the price of sticks and bricks, but it is going to move the dial,” Peskin said at a committee meeting Monday.The proposal, split into two bills, lowered the number of units in a development that must be reserved as affordable housing for three years. The incentive applies to future projects but also those that have already been approved for construction or are under review.
The bill adopted Tuesday lowers that threshold significantly, but the exact amount depends on whether a project is already in the pipeline or has yet to be proposed. There are more than 8,000 units of housing in San Francisco that have already been approved but have yet to be built. Prosecutors charge 4 with murder in fatal North Beach shooting A 23-year-old died in the shooting, and four others — including two of the people charged — sustained injuries that weren’t life-threatening
In addition, the proposal will also reduce all other development impact fees by 33% for the next three years.The inclusionary rates will be reconsidered in three years by the Technical Advisory Committee, which reconvened under the direction of the city controller for that purpose.Supervisor Dean Preston — as well as some affordable housing advocates — expressed concerns about the bill and its impact on The City’s quest to create affordable housing.
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