As far as Marin goes, there is a developer problem - developers don't want to build homes that aren't profitable. I've introduced a social enterprise developer to the director of homeless planning and outreach hoping they could work something out.
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Replying to @lilibalfour
It’s not that they don’t want to. It’s that they *can’t.* They can’t get financing even if they want to. No one will put up capital for a 100% chance money-losing project.
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Replying to @kimmaicutler
That's why I said, "Best strategy is to find new developers who are not motivated by profit." Marin has housed about 100 ppl in past few months through vouchers/privately owned rentals. They have an aggressive strategy to end chronic homelessness by 2020. https://www.marinij.com/2018/06/19/san-rafael-disjointed-process-for-housing-homeless/ …
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Replying to @lilibalfour
Omg. Why am I having this conversation. You cannot just find developers who do not care about profit. In SF there is a $300K financing gap per unit that the city somehow has to generate in taxes from taxpayers or something else to create 1 unit that some developer who “doesn’t
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Replying to @kimmaicutler @lilibalfour
care about profit” will eventually build once they pair that locally generated $300K in subsidy per single unit with maybe 6 or 7 different sources of federal and state financing carefully assembled together over many years.
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Replying to @kimmaicutler @lilibalfour
When Marin voters care enough to directly finance themselves or identify another funding source for that 300K per affordable unit, and then expedite the entitlement process, maybe they will identify some developers.
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Replying to @kimmaicutler @lilibalfour
When I was referring to “you,” I wasn’t saying you, Lili, I was saying figurative you, as in Marin & Marin County’s policies over the last half-century.
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Replying to @kimmaicutler @lilibalfour
There are robust non-profit developers that are supposed to serve and operate all over the state of California, but they tend to operate in locations where they know they can get the taxpayer/public local subsidy they need + the entitlements for low-income housing.
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Replying to @kimmaicutler @lilibalfour
Affluent counties don’t tend to give two shits about either. (Again, not you personally, but Marin the county.)
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Replying to @kimmaicutler @lilibalfour
It is really just profoundly expensive to build any kind of housing in the Bay Area. $400/sq ft construction costs per sq ft, on top $100-200K in land costs per unit, excluding fees, cost of capital, etc. Maybe $600/sq ft raw construction with the demand shock from wildfires.
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So to build any kind of unit that is accessible to median wage household — let alone a minimum wage household — there is still a multi six hundred K figure capital gap.
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Replying to @kimmaicutler
This is a great concept and could help alleviate a lot of the chronic homelessness -- https://mlf.org/community-first/ … Reached out to him a few times but have never been able to get him on the phone. 80% of Marin is open land. They could do something like this.
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