Austin Klar breaks down how San Francisco's housing shortage is backfiring. A developer is using state law to fast-track a 26-story tower at 777 Sutter Street with minimal affordable housing, bypassing the city's ability to demand changes because SF failed to meet its housing requirements.
The consequences for San Francisco's failure to comply with its housing element are already starting to materialize. A developer recently submitted plans for a 26-story apartment building that'll be larger than any of the other buildings on the block in the historic Lower Nob Hill District. The project at 777 Sutter Street currently contemplates 36 rental units. Smaller units are gonna occupy the lower floors, and starting at the 12th floor, there'll be full-floor, 5-bedroom units. 6 of those 36 units will be dedicated to affordable housing, 3 for households making 50% of area median income, and the other 3 for households making 120% of area median income. Million income. Forma Development, the project sponsor, is utilizing Senate Bill 423 to get fast-track approval of the project. Basically, it's a law that says for cities that aren't compliant with their housing element, they get ministerial approval of projects that otherwise meet certain building requirements, so the city can't object or ask for changes to the plans, like ask for more units. Let me know what you think of the development in the comments and follow me for more Bay Area real estate.
