San Francisco Mandates 33% Low Income Housing Requirement
By Borre Winckel, President & CEO
If there was any glimmer of hope for the State’s housing picture to finally benefit from applied examples of supply side housing economics, that hope surely vanished this week. Last Tuesday, San Fran’s Board of Supervisors unanimously adopted the Central SoMa Plan (South of Market Street). The Plan calls for 8,800 housing units and 32,000 jobs. Over 1/3rd of these units must be reserved for low-income families. It is a spectacularly desperate and foolish act. With a 33% onsite low-income housing set aside requirement the Plan is guaranteed to fail.
The revenue over expense “math don’t work!” At this record high level, the mandated “Inclusionary” Affordable Housing component also sadly signals that folks of middle-income means will never be able to live in Central SoMa. Wouldn’t it be great if the Supes could be held accountable when actual housing production drops by 33%? Don’t hold your breath. This is from the City that leads our nation in homelessness, fully explained by rulemaking like this. Read this.