Although the official standard for below-market-housing in new San Francisco developments is set at 12 percent, there has recently been a big push to increase that figure in some developments to 30 or even 40 percent. Now, the 12 percent mark could be officially on its way out with Mayor Ed Lee announcing at a media briefing today that he would pursue a charter amendment for the November 2016 ballot to require more below-market-rate housing in new developments. There was no mention of what the new standard may be.
The first step in increasing affordable housing requirements is the reconvening of a housing working group that established the current 12 percent rate. The group will get back together this month to look at new requirements and to decide the size of buildings where they could apply. The group will be composed of city officials, housing advocates, community leaders, and representatives from various sectors of the real estate industry, according to a press release issued by the Mayor's office. "In prosperous times like these, we can require developers to build even more housing for lower and middle income residents as part of any new projects, especially large new developments," Mayor Lee said in the statement.
· Mayor Calls for Increase in Below-Market Rate Housing Requirements from Private Developers [SF Examiner]
·
Loading comments...