It cost the San Francisco city government $323,071 to acquire or rehab a single affordable housing unit last year. Not build new, because that’s more expensive, but just acquire and rehab. 83,733 very low- to low-income households applied for 1,025 rentals in 2017.https://twitter.com/apmortgagemarin/status/1004728516922040321 …
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in SF,
@markasaurus calculated last year it was $714K per unit for market-rate, not including contingencies, project management or delays if the entitlement took years. -
this Mission affordable housing project was estimated to be $889K per unit back in 2015 http://www.socketsite.com/archives/2015/07/citys-land-purchase-to-build-889k-affordable-apartments-approved.html … but the city had to pay like $250K per unit in land costs.
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“The government” doesn’t build the housing. SF has a strong local private non profit affordable housing development industry. The Gov’t acts as a gap lender and regulatory oversight entity throughout the life of the building
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I’ve always held that the $/unit is a horrible metric for comparing affordable & market rate units. Iur buildings are expected to solve all the ills of the world in each ground floor community space, which they all have. Things like free childcare space add to the $/unit
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