Last week, Newsweek wrote a story (www.newsweek.com/rent-control-...) about the effect of rent control on gentrification, and called SFHAC for comment. Outlining the discussion across the country, Executive Director Todd David reiterated the fact that the overall solution to extremely high housing costs is increasing home creation at all levels of affordability. A complimentary report by the Cato Institute emphasizing the economics of rent control can be read here (www.cato.org/blog/rent-control...).
Rent control policies could actually be making income inequality worse in gentrifying cities such as San Francisco, a new paper from Stanford University researchers argues.
Yesterday, Senator Scott Wiener wrote a Medium piece (medium.com/@Scott_Wiener/my-tr...) addressing recent reactions to his newly unveiled Senate Bill 827. The goal of the proposed legislation is to promote more housing in transit-rich areas, such as BART stations. By creating mid-rise housing up to 45, 55, or 85 feet around reliable transportation, this bill is a massive leap forward toward housing solutions. The San Francisco Business Times expressed their agreement in this piece (www.bizjournals.com/sanfrancis...), and our friends at Grow The Richmond also further the conversation about how this bill fits their vision of San Francisco on Medium (medium.com/yes-in-my-blog-yes/...).
Our recent announcement of my bill (Senate Bill 827) allowing for more housing near public transportation has drawn a lot of attention…
Liam Dillon of the LA Times breaks down three of the biggest housing issues this year. After an incredibility successful 2017, how will the California legislature follow up on their progress?
Facing the problem of aging millennials seeking a lifestyle akin to that of their suburban parents, cities have begun to reemphasize the importance of the "missing middle." More specifically, there has been a shift toward creation of rowhouse-style duplexes, triplexes, and bungalows, much like those made popular a couple generations ago. The Washington Post has the full story here.
Duplexes, triplexes and smaller buildings can provide affordable alternatives to moving to suburbs, planners say.
Last week, Assemblymember David Chiu stated that passage of the GOP's proposed tax plan would be "absolutely devastating" for funding of affordable housing in California. The bill would incapacitate the 4% tax credit which finances a large portion of affordable housing projects, and has been dubbed one of the most important weapons to fight the affordable housing crisis. This comes on the heals of a report, which cites a shortage of affordable housing on the West Coast as a main driver in a nationwide increase of homelessness. Read more here, and take action!
San Jose stands to lose nearly 1,400 low-income homes, San Francisco and Oakland have thousands more at risk.
Our friends at the California Housing Partnership Corporation (CHPC) are closely monitoring the GOP tax plan as it relates to subsidized affordable housing production in California.
TAKE ACTION: If you live or work in McCarthy's or Nunes' districts or know someone who does, please call via the Capitol Switchboard (202-224-3121) and email their lead tax staffers using the information below. If you don't have a connection to either, you can still affect the outcome if you have connections to any of the other majority-party Representatives by calling them via the Capitol Switchboard (202-224-3121) and emailing them with the following message:
Please ask Majority Leader McCarthy and Representative Nunes to do the following three things:
Support the Senate's preservation of tax-exempt multifamily Housing Bonds and the linked 4% Housing Credits, which are creating more than 20,000 affordable homes in California annually and are far and away the most important tools we have to address our affordable housing crisis and to create local construction jobs and revenue;
Remove the reduction in the cap on Housing Credit basis from 130% to 125% specified by the Senate because it won't help rural areas in California and will harm the rest of the state; and
Fix the base erosion and anti-abuse (BEAT) provision in the Senate Bill so that it does not damage the Housing Credit market by preventing major banks with foreign ownership such as Union Bank from investing.
Thank you for your advocacy.
San Francisco Housing Action Coalition
- - -
Now that the U.S. Senate has approved its own tax reform bill replete with hastily scribbled hand-written notes, which you can read here, Congress has entered the final stage in which the Senate and House will attempt to reconcile differences between their two bills through a conference committee. While significant differences between the two...
Socketsite reported that while the number of proposals for residential units submitted to the City for approval remained constant from last year, nearly 7,000 new homes are on track to be delivered within the next two years, signifying an uptick in construction. Because of this, rents and condo prices appear to be softening.
With new proposals having been submitted to the City for roughly the same number of residential units that finished construction in the second quarter of the year, the overall pipeline of apartments and condos under development in San Francisco is holding around 63,500 having peaked at 63,700 in the third quarter of 2016. As we […]
The current version of the House GOP Tax Bill directly threatens the production of subsidized affordable housing across the country. As explained by the California Housing Partnership Corporation, the bill would eliminate the production of 20,000 new homes annually in California. What we need is for the bill (or the subsequent Conference Committee bill) to restore tax-exempt Private Activity Bonds and the federal 4% Housing Credit program, perhaps the best tool in creating subsidized affordable housing in the state. This change would also make the House Tax Bill consistent with what is being proposed by the U.S. Senate.
You can take action by and letting House Representatives know you do not support the current bill.
Taking stock of YIMBY Action's star-studded Awards Gala, the San Jose Mercury News reported pro-housing advocates' effective challenge of NIMBYism in the Bay Area. The strong leadership of Sonja Trauss, Laura Clark, and Senator Scott Wiener was highlighted for moving the needle at the local and state levels. SFHAC is happy to see these partners receive recognition for their outstanding work! www.mercurynews.com/2017/11/12...
California’s housing affordability crisis has a new power player with a supply-and-demand message.
Socketsite reports that 119 BMR homes are set to rise in a 5-story project at 1150 Third Street. The site in Mission Bay Block 3 will feature 62 homes for homeless veterans and 57 homes for low-income families up to 60% AMI with on-site supportive services. Construction is expected to begin as early as next month. www.socketsite.com/archives/20...
A 75-year ground lease for the eastern half of Mission Bay Block 3 which fronts Third Street, between Mission Rock and Long Bridge, is slated to be approved next week. Financing is expected to be funded next month. And the construction of a five-story building with 119 below market rate (BMR) apartments to rise at […]