OK, real talk. On the one hand, $2.5B for affordable housing from Apple is a lot of money considering that San Jose voters couldn't pass a mere $450M bond for affordable housing last year.https://sanjosespotlight.com/san-jose-mayor-eyes-second-chance-for-affordable-housing-measure/ …
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Or that San Francisco's largest affordable housing bond ever (that you can vote on today!) is... $600M and the city hasn't run an affordable housing bond since.... 2014.https://www.spur.org/voter-guide/san-francisco-2019-10/prop-a-affordable-housing-bond …
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On the other hand, it's basically nothing considering that in aggregate, the value of San Francisco's housing stock has gotten more expensive at a rate of more than $100B a year over the past cycle....https://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …
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And is now worth $1.6 trillion in SF and ~$800B in San Jose.https://www.zillow.com/research/california-leads-housing-gains-22600/ …
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Oh, and it costs like $850K per unit to build new housing excluding developer margin, etc. per
@markasaurus' calculations. And like $890K per unit to rehab old public housing units.https://www.sfexaminer.com/news/supes-question-890k-per-unit-cost-for-sunnydale-hope-sf-rebuild/ …Show this thread
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“Furthermore, the Vallco property has been designated a hazardous waste site by the Department of Toxic Substance Control, making it ineligible for SB 35 status, the group argues.” Uhh....
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it’s been a mall and ice skating rink for decades.... - 19 more replies
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kinda feels like that should be in the headline
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wait “This is a developing story and will be updated.” maybe there’s hope; that story feels pretty single-sourced right now.
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We dont need Apple investing in home construction. Just tax them properly.
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