: sfchronicle – excerpt
Just 3 miles separate 2675 Folsom St., a vacant former restaurant equipment warehouse in the Mission District, and 160 Folsom St., a former parking lot near the Transbay Transit Center where a condo tower is under construction.
But in the current economic landscape of the San Francisco’s housing development, the two properties are a world apart.
While the next crop of luxury condo towers like 160 Folsom, which developer Tishman Speyer has branded as Mira, continue to rise in the fast-growing eastern end of South of Market, other approved housing projects across the city, like 2675 Folsom St., are stalled and on the market because of soaring construction costs and fees, developers and other industry sources say.
The growing number of developers seeking to cash out rather than risk losing money on building is fueling concerns that residential production will start to decline even as the Bay Area’s housing crisis worsens… (more)
Some of us have been predicting this for months. It is easier to solve the housing problem once you take the “build more” option off the table. Keep people in their homes by keeping homes affordable if you want to solve the housing problem. Repeal inflationary bills at the root of the income disparity problem. Repeal Prop 6 and Prop 10 in November.
Repealing Prop 6 should lower the cost of all consumables, including food.
Repealing Prop 10 will allow individual cities to deal with rent control issues on a local basis. The voters can enact the control they want in their district.