By Patrick Hope : sfexaminer – excerpt
District 1 Supervisor Connie Chan, and running against Scott Wiener, author of the sone of the most aggressive upzoning bills, said: “I am interested in doing everything we can to unlock the housing that’s already in the pipeline.”
Amid rising construction and financing costs, the tax and fee incentives adopted in 2023 by San Francisco in an effort to spur housing construction weren’t enough to reverse the decline in The City’s residential building activity, according to a new report — but without those measures, it said, the slowdown likely would have been worse.
The analysis, conducted by the Board of Supervisors Budget and Legislative Analyst at the request of Supervisor Connie Chan, examined the effects of temporary reductions in inclusionary housing requirements approved in September 2023, along with incentives that included cuts in development-impact fees assessed on residential projects.
It concluded that while fee reductions and other policy actions might have provided financial relief for some projects in the pipeline, the changes were insufficient to offset or counteract broader macroeconomic conditions largely outside city control, including high building costs, interest rates, and the slow recovery of rents and condominium prices.
“We all want to build more housing, particularly housing that people can afford,” Chan said in discussing the report. “And so how do we do that in a way that is thoughtful?”… (more)
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We are seeing a slowdown in the building and sales of homes due to a lot of economic conditions that have nothing to do with housing density or upping or carrots or sticks. It is refreshing to hear a few of the candidates running for governor mention some of the obvious moves that may be easily made to preserve the affordable housing we have rather than tear it down during this slow down when many buildings are being put up for auctions as the overly optimistic owners are losing them to the lenders.. Some of comments on that subject may be heard on this recording of a Ezra Klein interview posted on YouTube: https://www.youtube.com/watch?v=6HETwu7Kfu8
What happened to the 2024 Prop A voter-approved $300 million affordable-housing bond money? What did the voters get out of it? Does passing another bond measure make sense?