In what surely must be an unprecedented move, a local developer decided to convert his plans for a market-rate development to an affordable housing development. Frustrated with the snail's pace of the planning process in San Francisco, the developer in question, Joe Cassidy—perhaps best known for the ah...aesthetically-challenged The Palms—donated his Bayview property to the Tenderloin Housing Clinic. Sure, it's a giant tax write-off, but that's just one of the perks of generosity. The THC will use tax-exempt non-profit bonds to fund construction, which means that no public financing will be needed. This presents another rare occurrence in San Francisco construction — a housing development that could actually cater to current area residents and not rely on municipal lottery system. With units priced at an estimated 80%-120% of median income, we'll see if tell if Bayview residents will really move into the waterfront units.
· Developer donates site for big affordable plan [SF Business Times]