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Cash Money: Developers Shell Out in SoMa

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Developers shouldn't expect any reprieve from the so-called development "impact" fees— currently set at $25 per square foot— levied by the city in order to compensate for the feared effects of gentrification on the South of Market area. Supervisor Chris Daly first proposed the tax back in 2005, which developers agreed to fork over in exchange for the city's lifting the zoning height limits to allow for the likes of the spectacular eyesores high rise developments One Rincon Hill and the Infinity. Back in the day, Daly was broadly criticized (imagine!) for securing funding for those organizations sure to support his own political agenda (hello, Prop F!). Years later, a Board of Supes-appointed advisory committee has finally drawn up a plan outlining how the funds will be allocated; by this coming summer, community orgs will be able to apply for a piece of the estimated $7 million in available fundage. Concern abounds, as it is wont to do here in San Francisco— some fear that groups will simply fill their budget gaps from the city's coffers, while others wonder whether the money won't be spent to advance individuals' political agendas? (Never.) Regardless, developers can expect to continue to pay through the nose in order to build South of Market. This should totally prevent the gentrification of SoMa. Totally!
· Community funds to bridge economic gaps in SoMa [Examiner]