"Here's the latest example: A developer wants to build a 70-unit, eight story building on Capp St. between 17th and 18th-a part of the city that still has some (relatively) affordable rentals. Only 12 of the units, 17 percent, would be affordable. The other 58 will have to rent at levels far above the current median; otherwise, the project won't make financial sense."
"Even with rents surging 11.5% in the past 12 months, developers say that in the best case scenario new multifamily housing development is still 18 months away from starting. And that is only if construction costs and interest rates stay flat, and rents jump an additional 20%. This kind of luxury housing in a lower-income area will almost certainly lead to gentrification and displacement. There's absolutely nothing the city can do about it."
"Mayor Daniel Lurie's West Side zoning plan is, in large part, a result of Wiener's legislation, which forces cities to accept more luxury housing with no money for the infrastructure of affordable units that San Francisco needs. The latest, SB 79, which is on the governor's desk, would allow massive new development in "transit rich" areas, which includes most of San Francisco. (The measure includes no money for new transit at a time when Muni and BART are facing a near-fatal financial crisis.)"
State legislation has enabled more luxury housing development while stripping local discretionary approval and providing no funding for affordable housing infrastructure or transit. SB 79 would permit massive new development in transit-rich areas without allocating money for Muni or BART, which face severe financial strain. SB 423 limits Planning Commission and Board of Supervisors review by making many projects subject only to ministerial approval. A proposed 70-unit building would include only 17 percent affordable units, increasing displacement risk in lower-income neighborhoods as developers pursue projects that depend on rising rents to be viable.
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