.@SandraLeeFewer, the supervisor who represents the Richmond District, said that real San Franciscans don't earn more than $60K a year.https://twitter.com/sammymoss425/status/1149379380780490752 …
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It turns out that she just sold one of the at least three houses that she owns in SF. Bought for $440K, listed for $1.8M. Now in contingency. Someone making $60K a year could definitely not afford the mortgage implied by that price.https://www.redfin.com/CA/San-Francisco/273-Dolores-St-94103/home/955138 …
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I hope she sold it to a non-profit, because otherwise that would be wholly inconsistent with the legislation she just passed. She also spent the morning lecturing the mayor's office on regulating human greed.http://www.sfweekly.com/news/city-grants-nonprofits-first-priority-in-building-sales/ …
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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 …3 replies 15 retweets 60 likesShow this thread -
Kim-Mai Cutler Retweeted London Breed
It would've saved 6-18 months and $1.5-6M per project.https://twitter.com/LondonBreed/status/1149423374851985408 …
Kim-Mai Cutler added,
London BreedVerified account @LondonBreedToday the Board killed my Charter Amendment to streamline the creation of 100% affordable & teacher housing. It is estimated that per project it would have saved an average of 6-18 months and $1.5 to $6 million. This represents 6-22 more affordable homes per project.Show this thread1 reply 1 retweet 49 likesShow this thread -
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/4mrYthhLiB4 replies 9 retweets 42 likesShow 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.
4 replies 3 retweets 96 likesShow this thread -
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