Lurie Seeks to Lower Inclusionary Rate, Increase Annual Contribution to Housing Trust Fund
San Francisco Mayor Daniel Lurie introduced two proposals to help spur the production of housing in the city. One would reduce the mandated inclusionary rate of affordable units in market-rate developments, while the other would increase the city’s annual contribution to the Housing Trust Fund until it reaches $125 million.
The inclusionary housing would lower the required amount of affordable housing provided onsite to 5% for projects with 25 units or more from the current 12% for already approved projects, while allowing developers to alternatively pay an in-lieu fee, dedicate land or provide off-site affordable units equivalent to 10% of the project’s total units.
“San Francisco is facing a severe affordability crisis, and the city needs more housing at all income levels so every family can continue to call this city home,” said Rebecca Foster, CEO of the Housing Accelerator Fund and member of the city’s Inclusionary Housing Technical Advisory Committee (TAC).
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout