sometimes I see things demanded that just aren't feasible and shut down development and it's hard to determine when that comes out of a
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Replying to @kimmaicutler @uhshanti
genuine desire to negotiate a better deal, or whether it's someone -- often in a position of privilege -- asking for sth impossible to
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Replying to @kimmaicutler @uhshanti
shut everything down. And if you haven't been to the peninsula or the Bay Area suburbs, it's *quite* common there.
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Replying to @kimmaicutler
I believe you. Buuuut overshooting percentages can also be a negotiating tactic
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Replying to @uhshanti @kimmaicutler
As an amateur campaign helper lady for SF progs, if I ever saw a hint of "we're raising % to block housing *evil laugh*", I woulda bounced
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Replying to @uhshanti
I think people mean well but don't understand that the it costs like $800K per unit to build in SF. It's $400/sq ft in construction and that
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Replying to @kimmaicutler @uhshanti
Money doesn't come from nowhere. Ideally it comes out of the initial land acquisition costs but you have to buy the land owner
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Replying to @kimmaicutler @uhshanti
Out of whatever pre-existing cash flows there are on the property. Or it gets tacked onto the market rate units and makes them more
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Replying to @kimmaicutler @uhshanti
Expensive than they would otherwise be. And if the margin between the land acq costs, construction, interest rates, final rents, sale price
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Replying to @kimmaicutler @uhshanti
Doesn't work out then the developer just won't do it and you get no units of any kind. http://www.socketsite.com/archives/2017/05/new-plans-for-a-12-story-300-room-central-soma-hotel.html …
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You'll get hotels instead of housing or some other land use. Or a luxe restaurant http://www.socketsite.com/archives/2017/02/mission-district-development-take-three-the-albion-on-16th-as-proposed.html …
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Replying to @kimmaicutler
Also, assuming $800K cost per unit devs wouldn't make housing affordable in the short term w/o intervention
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Replying to @uhshanti @kimmaicutler
Land use reform done badly can result in tons of displacement, like in BK and Queens; when upzoning was announced land prices shot UP
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