(and one might wonder where all these new daytime cube-dwellers are going to bed down at night)
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It looks like an nearby parcel has 700-ish units though...
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Um would you sell your house for $300K less than what you bought it for?
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Affordability on the site in question was grandfathered in from former redevelopment law. Redevelopment areas always had high affordability requirement.
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Thanks! But if the net calculus made office space more attractive, that’s still an issue no?
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I wonder if it could be the case that free markets and equitable housing policy cannot coexist.
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The problem is that the market is not free. If developers were actually allowed to build housing we would have a lot more housing.
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So developers won’t build housing if they can’t squeeze as much profit from it as possible. Why would anyone think they’d build enough to lower the market?
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No, they would literally lose hundreds of thousands of dollars for each unit. Generally an affordable unit in SF requires $300K in taxpayer subsidy per unit on top of federal, state programs to get built. It’s a lot like 30X as much as it costs to put a kid through a year of K12
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