No matter which fourplex proposal goes through, don’t hold your breath for the instant transformation of Presidio Heights and Forest Hill: City analysis found that under current conditions, redeveloping single family homes is economically infeasible.
The Planning Department has endorsed this legislation, finding it to be consistent with The City’s General Plan. However, an analysis commissioned by the department found that the development of fourplexes would in most cases be financially infeasible — even without affordability requirements. Construction and other development costs are simply too high to make redeveloping a house into a fourplex more financially attractive than reselling the home as is.
The Planning Department withheld its blessing for this ordinance, due to the lack of income restrictions for new buyers and tenants. The department also dinged the ordinance for being even less likely to generate new housing than Mandelman’s proposal, due to the caps on developer profits. Mar’s ordinance would mandate proportionally far more affordable housing units than is currently required for downtown condo towers.
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