San Francisco's transit agency killed a 465-unit housing project after construction costs doubled to $2 billion, while the agency faces a $300 million budget shortfall from pandemic ridership losses. The SFMTA is still pursuing a smaller 100-unit project on Bryant Street.
A major housing project in San Francisco has been scrapped because of an over $300 million budget shortfall. The SFMTA has been working on replacing the 110-year-old Muni service yard in the Mission called Potrero Yard. And when the project was announced in 2019, it was the first of its kind, a mixed-use 465-unit housing project on top of a bus maintenance facility. But since its announcement before the pandemic, construction costs have basically doubled to $2 billion for the project. At the same time, the SFMTA is facing a massive budget shortfall because of lower ridership caused in large part by the pandemic, so the project has been scrapped. SFMTA is still working on a standalone separate 100-unit housing complex on Bryant, but at this time nothing's been formally approved. Let me know what you think in the comments and follow me for more Bay Area real estate. Bye.
