If you wanted to buy an existing old $750K unit, you’d need to have $150K as a down payment and be able to afford $3,800 in monthly payments. Developers don’t build affordable in SF bc production costs are too high. They can’t absent large taxpayer subsidyhttps://www.nytimes.com/2020/02/20/us/California-housing-costs.html …
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But it’s otherwise consistent with overall costs per unit in affordable housing projects the city has seen in the last few years. https://twitter.com/bayareaeconomy/status/1228402450853330944?s=21 …https://twitter.com/BayAreaEconomy/status/1228402450853330944 …
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He’s correct. But, yes, the cost to the client is ~$90/hr. for construction workers. Unskilled labor to sweep the floor ~$55/hr. Goes up for electricians, plumbers, elevator workers etc.
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For context: 2013-2018 American Community Survey microdata show that full-time/year-round blue-collar construction workers employed in San Francisco reported ANNUAL earnings as follows: $37,048 (25th percentile) $57,605 (50th pctl) $83,790 (75th pctl) Sample N=763 (pop=20,070)
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If you are the worker, the difference between $25 and $90/hr is more than a quibble.
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