Less New Buildings, More Fixing Old Ones

A new Chris Daly ordinance would take money the city usually puts toward construction of new affordable housing buildings, and put it into the rehab of smaller, run-down buildings so they come back online as below-market rate. The logic follows the numbers: building brand new units costs $500k per unit and takes five years, while fixing up existing stock costs $250k per unit and takes two years. 'Course, affordable housing money come from fees collected from private development, which has tanked in the last several months, so the move may be moot for the moment. [City Insider]