There's been plenty of talk about upping San Francisco's required level of below-market-rate housing in new developments, with both Mayor Ed Lee and Supervisor Jane Kim promising to push the issue forward. Today, Kim will move first by officially introducing a charter amendment to up the requirement from its current 12 percent to 25 percent.
Currently, if developers build BMR units off-site or pay an affordable housing fee, the requirement sits at 20 percent. Kim would up that to 33 percent. The amendment must be approved by voters in the June election. If it passes, it would also allow the Board of Supervisors to make changes to affordable housing requirements without going back to a vote. Supervisor Aaron Peskin is co-sponsoring the amendment.
The new legislation would require rental projects to create 15 percent BMR housing for those making up to 55 percent of area median income (currently $39,250) and 10 percent for those making 100 percent (currently $71,350). Condos would need to provide 15 percent of units to people making 80 percent of area median income and 10 percent for residents making 120 percent.
· Mayor Lee Calls for Increase in Affordable Housing [Curbed SF]
· Proposal Introduced to Raise Affordable Housing to 25 Percent [Curbed SF]
Loading comments...