A recent study revealed that easing building requirements in San Francisco's Central South of Market district would result in just 325 new homes over two decades. Proposed legislation aims to waive commercial real estate obligations on larger sites, but the outcome would lead to minimal change—housing prices dropping by a mere 0.08% and 200 new jobs created. The report emphasizes the challenge of fostering housing development amid a decline in office demand due to remote work, further complicating the city’s economic landscape.
Because remote work has led to a reduction in office demand, office development is unlikely to be profitable in San Francisco for the foreseeable future. For this reason, requirements to include office space in new housing developments effectively discourage new housing.
The expected impact of waiving requirements would be negligible compared to no action: housing prices would fall by 0.08% and 200 jobs and $38 million in gross domestic product would be created over two decades.
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