The reforms, still in the draft stage but on track to be proposed as legislation next year, will try to make at least a moderate dent in the housing crisis as the mayor tries to reach his goal to build or rehab a daunting target of 10,000 affordable units by 2020. Whether the changes spur the construction of 10, 100 or 1,000 extra new affordable units each year largely depends on how developers take the bait on new incentives.
One proposal would push market-rate developers to build more affordable units by giving them more flexible options to build off-site and join forces with nonprofit developers. Another proposal would let developers build affordable housing for middle-income workers, a group that has been squeezed out of San Francisco. A separate proposal not endorsed by the working group, but which could get a legislative push, would charge developers building luxury condos higher fees that fund the affordable housing stock.
"There's going to be considerable support for a multifaceted approach to provide more affordable housing," said developer Oz Erickson, chairman of the Emerald Fund, who sits on the working group. "We're close on many of these deal points."
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