That article describes how his offer to sell for affordable housing wasn’t genuine because he was asking an unreasonable price. The developer has been his own worst enemy with the way he has trolled mission activists throughout this process.
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Replying to @kimmaicutler
Also, I believe he’s trying to use the state density bonus to do less affordable housing than SF’s local requirement, and he has repeatedly threatened lawsuits under the housing accountability act if his project is rejected.
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Replying to @JspiderSF
many projects have ceased penciling under the Prop. C requirements + rising construction costs. Applications for new construction fell off a cliff.
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Replying to @kimmaicutler @JspiderSF
that's a convenient foil but SJ had a similar slowdown (last chart). These charts help explain whypic.twitter.com/zoURsf14gA
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in short, why would the savvy capitalist try to do a project when rents aren't growing, when thousands of units are on their way on to the market, and thousands more are approved & in the pipeline?
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Replying to @RevClown @JspiderSF
SFs pipeline is dropping to a third of what’s it’s been for the last two years. And now the shipyard is called into question with Tetra Tech. https://www.bizjournals.com/sanfrancisco/news/2018/02/12/bay-area-home-prices-up-housing-shortage-pac-union.html …
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Replying to @kimmaicutler @JspiderSF
but they didn't know this 2-3 years ago...
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this article also seems to focus on the SFH market...
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Stat covers condos
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Kim-Mai Cutler Retweeted Louis Gray
I always follow the South Bay as a dark premonition of SF’s future.https://twitter.com/louisgray/status/963186759600238592 …
Kim-Mai Cutler added,
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Replying to @kimmaicutler @JspiderSF
its a low rise version of our present...
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