"The state of California made sure that the city of San Francisco understood that they needed to lower the required inclusionary rate back down to what it was 15 or so years ago which was between 12 and 15%."
"The biggest challenge that we faced in the last, say, since COVID, is construction costs have gone up astronomically, 40 to 50% so just imagine in the old days you would build out a space for $100 a square foot, now it costs $150."
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