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Development 'Stimulus' Could Increase Economy by $250M a Year

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Gavin's development "stimulus," those two pieces of legislation that the Chron reported last month could push up the start dates of four major projects, has been officially analyzed by the city controller for its financial impact. The result, as documented in the release: "if developers elected to use these options, the combined effect of the two pieces of legislation could stimulate the construction of as many as 75-80 housing units per year, over the next 20 years. This development will expand the city's economy by an average of $250 million per year, and create an average of 330 jobs, across all industries.'' A refresher while the items wend their way through the Board of Supes: one law would reduce the affordable housing fees on developments, but charge a 1 percent transfer fee whenever properties are sold, while another would consolidate and defer development fees so they're paid later rather than sooner. This probably won't be a cake walk though — affordable housing advocates are a little cheesed about the deferred affordable housing fees, which, according to the last report, wouldn't break even with the old model until decades later.
· Stimulating ideas for construction [City Insider]
· Development 'Stimulus' Could Goose Timetables on 4 Major Projects [Curbed SF]