.@sfbos and @LondonBreed’s office current arguing over whether to make substantial changes to housing approval process to get more affordable units for less money. Supes want to keep the old, unpredictable, more expensive process, of course.https://twitter.com/_fruchtose/status/1149370662886109184 …
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Her legislation only applies to building with 3 or more units, so she probably has it in contract with a private buyer at a price/mortgage that implies the next set of tenants has to be substantially wealthier than the current set. https://sfmohcd.org/sites/default/files/Documents/MOH/COPA/Final%20COPA%20FAQs%20for%20Posting.pdf …
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Yesterday, Mayor
@londonbreed tried to fix SF’s broken housing approval process, where it costs more than $700K and takes more than 5 years to build one new unit of affordable housing. The Board of Supervisors, which is like SF’s city council, rejected it.https://www.sfchronicle.com/politics/article/SF-supes-kill-Breed-s-proposal-to-streamline-14089886.php …Show this thread -
It would've saved 6-18 months and $1.5-6M per project.https://twitter.com/LondonBreed/status/1149423374851985408 …
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Sandra Lee Fewer, who is elected to represent the Richmond District on the city’s more suburban West side, excoriated
@LondonBreed's policy director Andres Powers about regulating greed in order to preserve the city’s affordability yesterday morning.pic.twitter.com/4mrYthhLiBShow this thread -
If you wanted to buy her third house off of her at the $1.8M price she listed it for sale at last month, you would need to earn at least $28,770 a month to spend no more than 30% of your income on housing, assuming 20% down. https://www.redfin.com/CA/San-Francisco/273-Dolores-St-94103/home/955138 …pic.twitter.com/LdRREsyG77
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If she closes at that price or higher, her real estate investment would have appreciated by more than what 90% of Americans earn in a year for every single year she owned it.
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End of conversation
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even if she did sell it to a non-profit, she's still make a nice return on her investment.
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