Conclusion
Many geographic, economic, and regulatory factors contribute to San Francisco’s housing affordability crisis, which results in a shortage of housing affordable to most income groups. The lack of affordable housing impacts the city’s potential for future economic growth, as well as negatively affecting the quality of life of residents. Renting is a popular option in nearly every demographic group, and the proportion of San Francisco households that choose to rent instead of own is expected to rise (ACS, 2017). Most rental housing is in multifamily structures; this housing type is also where the majority of recent new housing construction has been concentrated (State of the Cities Data System, 2017). Even though the number of building permits for multifamily housing has increased dramatically in the last ten years, San Francisco’s projected population growth is projected to far exceed the rate of new housing construction, worsening the affordability crisis. New housing construction affordable to households in nearly every income bracket is required to begin to address the crisis. To this end, I propose the development of a 7-story mixed-use apartment building in the Bernal Heights neighborhood of San Francisco. The building’s 48 700-square foot units would be affordable to households earning $70,000 annually. While market rate apartments in this area rent for nearly twice the $1,550 monthly rent I am proposing, the density bonus and site plan alterations granted through San Francisco’s 100% Affordable Housing Bonus Program allow the development to still be financially viable, with no further subsidies needed.
Many geographic, economic, and regulatory factors contribute to San Francisco’s housing affordability crisis, which results in a shortage of housing affordable to most income groups. The lack of affordable housing impacts the city’s potential for future economic growth, as well as negatively affecting the quality of life of residents. Renting is a popular option in nearly every demographic group, and the proportion of San Francisco households that choose to rent instead of own is expected to rise (ACS, 2017). Most rental housing is in multifamily structures; this housing type is also where the majority of recent new housing construction has been concentrated (State of the Cities Data System, 2017). Even though the number of building permits for multifamily housing has increased dramatically in the last ten years, San Francisco’s projected population growth is projected to far exceed the rate of new housing construction, worsening the affordability crisis. New housing construction affordable to households in nearly every income bracket is required to begin to address the crisis. To this end, I propose the development of a 7-story mixed-use apartment building in the Bernal Heights neighborhood of San Francisco. The building’s 48 700-square foot units would be affordable to households earning $70,000 annually. While market rate apartments in this area rent for nearly twice the $1,550 monthly rent I am proposing, the density bonus and site plan alterations granted through San Francisco’s 100% Affordable Housing Bonus Program allow the development to still be financially viable, with no further subsidies needed.
