"In addition to 7,000 new units of housing that are currently under construction and should be ready for occupancy within the next year or two, there are now 11,100 net-new units for which building permits have either been issued, approved or requested, and another 27,400 units in projects that have already been approved but not yet permitted (which includes the majority of the 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units at Parkmerced, projects which have overall timelines measured in decades, not years)."
"At the same time, demand for the current crop of new construction condos in San Francisco has slowed, with sales down over 30 percent in the first half of 2016 and at least one index suggesting that, for the first time in years, prices have dropped on a year-over-year basis, while rents in the city have started to slip as well."
San Francisco's housing pipeline contains roughly 63,300 apartments and condos under development, including about 6,800 below-market-rate units. There are approximately 7,000 units currently under construction slated for occupancy within one to two years, 11,100 units with permits issued, approved, or requested, and about 27,400 approved projects not yet permitted, including large Candlestick, Treasure Island, and Parkmerced developments with multi-decade timelines. An additional 17,800 units are under review by the Planning Department. The pipeline is slightly below the 63,400 peak from the prior quarter but substantially above last year's 54,600. Condominium sales and rents have recently softened, with sales down over 30 percent.
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