Mayor London Breed and city legislators believe they’ve found a way to help dislodge thousands of unbuilt, already-approved homes currently stuck in housing purgatory.
By easing the fees and affordable housing requirements The City imposes on housing developers, city leaders hope to kickstart long-stalled projects and spark new construction at a time San Francisco desperately needs it.
The first bill would significantly lower the percentage of housing units a developer must set aside as affordable for at least three years. The incentives apply to newly proposed projects and those that have already cleared regulatory hurdles and are waiting to be built. Now, rather than a complex calculation based on various market factors, The City would simply increase the fees – paid by the square foot – by 2% annually.The legislation comes as The City strives to build 83,000 new homes by 2031, the target called for by the state-required Housing Element it adopted earlier this year.
Although it won praise for meeting the state deadline to adopt a new Housing Element, The City — particularly the Board of Supervisors — is starting to receive criticism for failing to implement the reforms for which the plan called.
The lowered inclusionary minimums would apply to new projects and those already sitting in the pipeline — a nod to the fact that interest rates and construction costs have increased substantially since many on-deck projects first won city approval.
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