By Angelica Cabande : 48hills – excerpt
The city needs to buy 469 Stevenson for affordable housing.
Private developers, not the California Environmental Quality Act or community groups, have decided that the 469 Stevenson project will not be moving forward, and instead will remain a parking lot.
Yimbys, state Sen. Scott Wiener, and some of our local officials screamed at the top of their lungs that local community-based organizations, concerned about environmental impacts, gentrification, displacement, and affordability, had killed the 469 Stevenson project and destined it to remain a parking lot.
In reality, the EIR appeal of 469 Stevenson did not stop the project, and it moved forward and got approved…
The 469 Stevenson project is the perfect example of the speculative nature of housing development in San Francisco. The land is owned by a consortium of real estate investors under the name of “469 Stevenson Property Owner LLC,” and Build Inc is the developer that got the entitlements to create the project. Without project investors being able to guarantee that they will make a tidy profit, known as “return on investment,” 469 Stevenson will remain a parking lot… (more)
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