Affordable housing on Treasure Island was supposed to be a done deal. The Board of Supervisors has signed off on a plan from developers Lennar Urban and Wilson Meany to restrict 25 percent of the 8,000-unit project as below-market-rate housing. Now, however, Supervisor Jane Kim is asking for that number to be upped to forty percent. According to the San Francisco Business Times, Kim said that "40 is the new 30." Kim successfully pushed for 40 percent BMR units at the San Francisco Giants' upcoming Mission Rock development.
A new state law that could allow tax increment revenue to be used for the development has the potential to push up the percentage of BMR housing at the site. According to the Business Times, 40 percent may not be realistic, but 30 percent could be a possibility. The planned Treasure Island redevelopment includes everything from housing to new trails and office space, as many as 500 hotel rooms, and 300 acres of parks and open space.
· Will Treasure Island Mega-Project Up the Ante on Affordable Housing? [SF Business Times]