"District 5 Supervisor Bilal Mahmood is calling for more transparency at the San Francisco Mayor's Office of Housing after he discovered that the department had "lost track" of about $5 million sitting in an account waiting to be used for an affordable housing project in the Tenderloin. The city approved a development project with 85 affordable housing units at 101 Hyde St., a former post office, in 2015. The city approved a development project with 85 affordable housing units at 101 Hyde St., a former post office, in 2015. The building has been in the city's possession for nearly as long: Shorenstein Properties bought the site in 2016 and gave it to the city that year in a deal to fulfill its affordability requirements for a separate project."
"Part of that deal, records show, was a $5 million donation to convert the space into housing. Under the terms of the agreement, the San Francisco Foundation, a private charity, would hold onto that money until it was needed. But the city "lost track of it," Mahmood said this month, after Mission Local reported the project's delay and the supervisor asked for more information from the housing office."
District 5 Supervisor Bilal Mahmood discovered that the Mayor's Office of Housing had "lost track" of about $5 million designated for an 85-unit affordable housing conversion at 101 Hyde Street in the Tenderloin. The city approved the development in 2015; Shorenstein Properties bought the site in 2016 and transferred it to the city while contributing the $5 million as part of an affordability agreement. The San Francisco Foundation held the funds and maintains that it carefully tracks donations. City housing staff were initially unclear about the funds' status. Mahmood demanded clarity, withheld lease-extension support, and plans a hearing with the housing office.
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