After Hearst and Forest City's major 5M development made it through a tense Planning Commission meeting in September, there was only one major hurdle left to clear: The Board of Supervisors. Now, approval looks nearly certain because Forest City has struck a major deal with Supervisor Jane Kim to up the percentage of below-market-rate housing from 33 to 40. That would make 5M officially the largest ever affordable housing development built on private land in San Francisco.
The project will offer housing to a range of income levels, from formerly homeless up to middle-income families of four bringing in $152,850 per year. The new deal increases 58 units priced for low-income people to 87 units priced for middle-income people, according to the San Francisco Business Times. Supervisor Kim said that she became more open to middle-class units after talking with non-profits whose employees can't afford to live in the city. Income from offices on the site will help the developer defray the costs of building affordable housing.
The development will go before the Board of Supervisors next week. If it is approved, the developer will have 15 years to build.
· Contentious 5M Development Gets the Go-Ahead From Planning [Curbed SF]
· 5M Megaproject Clinches Political Victory by Agreeing to Build More Middle-Class Apartments [SF Business Times]
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