"San Francisco's ambitious and bold plan to increase housing production would produce less than half the number of housing units the state hopes San Francisco will build and only modest changes to affordability, according to a new report from the city controller's office. City Economist Ted Egan found in a report released Wednesday that, even in the best-case scenario, the upzoning plan being voted on by supervisors soon would usher in only around 14,600 additional units over the next 20 years."
"While the state says the current plan does create capacity for those units, Egan's report predicts less than half those units are likely to be built without other market or regulatory changes. Egan also found that while increasing supply would decrease prices, effects were modest: Monthly rents would go down by between $75 and $125 dollars, for example."
City Economist Ted Egan calculates that, even in the best-case scenario, the proposed upzoning would add about 14,600 housing units over the next 20 years. California requires San Francisco to create a realistic pathway to 36,000 additional housing units by 2031. The state says the plan creates capacity, but the city estimate indicates less than half of the required units will be built without additional market or regulatory changes. Increasing supply is projected to reduce monthly rents by roughly $75 to $125. YIMBY groups press for more measures, and a legal group threatens litigation unless the city increases realistic production or adopts policies like fee and tax cuts.
Read at missionlocal.org
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