San Francisco Mayor London Breed recently signed the Housing Stimulus and Fee Reform Plan into law. This plan temporarily reduces inclusionary housing requirements on new and already approved development projects, as well as reforms and defers development impact fees in order to stimulate economic activity by spurring construction of additional housing.
Breed stated that “these new rules will unlock projects that have been approved but are stuck due to high costs associated with building”, adding that “we need more changes to our laws so we can have more homes for kids who are growing up here, for working people who want to live here, and for our seniors who want to stay in the communities they know and love.”
The mayor signed this legislation at 395 3rd St., a parking lot which is slated for over 500 units of new housing in San Francisco’s South of Market area developed by Strada Investment Group; approximately 80 affordable homes being included among them. The mayor’s office reported that this plan should help move forward such projects where it was previously difficult or impossible due its costliness.
