One person’s parking lot is another’s future home. At least, that’s the aspiration of a new law in The City.
At least, that’s the aspiration of a new law approved unanimously by the San Francisco Board of Supervisors on Tuesday. However, a financial analysis of the proposal showed that development costs could stymie its effectiveness.
In other types of zoning districts, developers could build housing at an unlimited density — as long as the project complies with existing height and bulk requirements. But given The City’s notoriously high housing development costs, many would remain financially infeasible, the report found. Still, the law would make hypothetical projects between 10% and 60% more feasible than if supervisors failed to pass it.
The legislation took a long and arduous path to the desk of Mayor London Breed, who first sponsored it in 2021. It comes as San Francisco races to complete a required housing plan that can realistically — and drastically — expand the number of new homes built in San Francisco. “We could have maybe saved a lot of time had this been done at the outset,” Preston said of the analysis at a committee meeting on Monday. “I kind of wonder if we’d even be looking at this ordinance.”Supervisor Myrna Melgar noted the abundance of often-empty parking lots in her district.S.F.
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