With office vacancies at 34%, the San Francisco Board of Supervisors has advanced legislation to streamline construction, reducing fees for projects up to 7 million square feet, equivalent to 7,000 housing units. This initiative seeks to reinvigorate the downtown area, which has suffered from decreased traffic and a decline in retailers due to rising crime and remote work trends. While supporters highlight the bureaucratic and financial barriers hindering project initiation, only one development has commenced out of numerous proposals, revealing the critical need for effective action in housing development.
The San Francisco Board of Supervisors voted 9-2 to streamline construction processes, aiming to reduce office vacancies and bolster housing development amid ongoing downtown struggles.
City leaders hope that the legislation will revitalize downtown by easing financial and bureaucratic hurdles, encouraging more developers to embark on housing projects.
Supporters argue that reducing costly fees and streamlining approvals is essential for kickstarting housing projects in a city grappling with a severe housing shortage.
Despite numerous proposals intended to attract developers, only one project has broken ground, emphasizing the need for effective strategies to entice construction.
Collection
[
|
...
]