San Francisco Adds 6000 New Units to Upper Market

San Francisco Sets Standards for New Real Estate Projects

More than 20 years ago, in 1989, the city passed the Van Ness corridor plan, re- zoning the Van Ness corridor from commercial to "commercial/residential." The plan also raised height limits to 80 feet in some parts of the avenue and 130 feet elsewhere.

In 2001, more than 8 years after the projects were brought before the board upwards of 6000 units may be added to the Market area. Thanks to the Loma Prieta earthquake and the addition of the central freeway exit to market street

We will have something like 10 new buildings as much as 40 stories high, moving us more and more to city like density rather than the single family homes of the last 100 years. San Francisco grows up, no doubt conflicted with its new urban digs.

Still, in typical San Francisco style, the city pushed hard and and on Tuesday the board approved the plan unanimously, with final confirmation coming next week.

According to the SF Chronicle: "the plan requires developers to sell or rent 25 percent of the units they build at below-market rates and imposes fees on developers that could amount to $50 million for an affordable-housing fund.

Developer A.F. Evans' plan features 10 buildings with approximately 400 rental units, including about 90 affordable units geared toward gay, lesbian, bisexual or transgender seniors. Thirty-seven percent of all new homes in the project would be rented to be affordable for residents earning just half of the San Francisco-area median income of $77,850 for a household of three. The plan also includes 5,000 square feet for retail outlets."

As much as I love the older neighborhoods that make this city so special, they no longer serve the needs of this city. They will make this town less and less affordable as new people come into the area and as we age and want to stay. Since every city must maintain its diversity, density and development that is profit driven and mindful of the needs of the community needs is indeed welcome.

Thanks for Reading
Howard Bell
www.yourpropertypath.com
a 450 article web site focused primarily on property management
www.Your Property PathSF
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