Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Kim-Mai Cutler Retweeted SocketSite
Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
Kim-Mai Cutler added,
That isn’t going to happen. If Leno wins, he knows @RonConway & friends will spend even more money to try to defeat him in 2019 than they just did. He is going to need to have accomplishments in his first year.
5,000 affordable units a year requires $300,000 in public taxpayer subsidy per unit, or $1.5 billion per year. SF voters have only ever approved 1 $100M affordable housing bond in 1996 and one $310M bond in 2014.
Newsom will likely be governor & support more state money for affordable housing. Leno has a good relationship with him. @OurHomeSF will likely be on the ballot in the fall. I doubt Leno will make his ambitious goal (just like Ed Lee wouldn’t have) but there will be new housing.
Local control will always find a way to crush it, starve it, vilify it, or smother it to death.
Leno says he want to think big & pass a regional housing bond. He points out a $600 million bond passed with 80% in Alameda in 2016. A regional bond would probably have the best chance in 2020. http://www.markleno.com/issues#housing
Ok that’s 2,000 units or less than half of what he said he goal would be for a single year.
It really doesn't matter how much money is poured into affordable housing bonds if communities refuse to zone for multifamily residential. Get the same dynamic as the redevelopment authorities where all the money went to studies, meetings, and consultant fees rather than housing.
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