Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

San Francisco Slashes Affordable Housing Requirement for Stalled Project?

Name: San Francisco Slashes Affordable Housing Requirement for Stalled Project?
Uploaded: 2024-10-19T23:00:00+00:00
Duration: 36 s
Channel: Austin Klar
Description: In this solo commentary, Austin Klar explains that the 47‑story 30 Van Ness tower, approved in 2020 with a 25% affordable‑housing quota for its 38 condo…

19 Oct 2024 · 1 min

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0:36

In this solo commentary, Austin Klar explains that the 47‑story 30 Van Ness tower, approved in 2020 with a 25% affordable‑housing quota for its 38 condo stories and nine mixed‑use floors, has been stalled for months and even listed for sale due to unfavorable economic conditions. To revive the development and add housing inventory, the city is proposing to cut the 25% affordable‑housing requirement. Klar expresses conditional support, arguing that building some units is preferable to none, and invites viewers to share their opinions in the comments.

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The affordable housing allocation at a stalled project on North Van Ness might be slashed in the hopes of kickstarting development. The 47-story tower at 30 Van Ness was approved in 2020 for 38 stories of condos, 25% of which would be affordable housing. There'd be 9 stories of mixed-use space, but the project has been stalled for months, and it was even up for sale at one point because economic conditions were making it financially infeasible. But in an effort to jumpstart the stalled project and get much-needed housing inventory built, the city is proposing to cut the 25% affordable housing requirement. In my opinion, if that's what it takes to get at least some units built, instead of no units built, then I think it's a step in the right direction. But let me know what you think in the comments.