FinanceSan Francisco

New SF Proposal Would Double Affordable Housing Requirements

Supervisors Jane Kim and Aaron Peskin introduced a charter amendment yesterday that that would more than double San Francisco’s affordable housing requirements for market rate projects from 12% to 25% in new construction.

The city currently requires market-rate projects to provide 12% of their units below market rate.  But developers can legally build 20 percent of their units off site or pay a fee equal to 20 percent of the value of the units. Kim and Aaron’s proposal increases the fee to 33% each and increases the off-site unit requirement.  It also shifts the policy-making process for such changes from voters back to the Board of Supervisors.

According to Supervisor Kim, at least 60 percent of residents of San Francisco need and are qualified to avail of affordable housing.  The change will require voter approval in June.  Further debate is expected.

Want more on this story?  We got this info from these articles  www.bizjournals.com & www.sfexaminer.com

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Supervisor Jane Kim District 6 & Supervisor Aaron Peskin District 3. Photo: aaron2015.com

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Alex Mak - Managing Editor

Alex Mak - Managing Editor

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