San Francisco is eyeing zoning changes near transit hubs such as Central SoMA and the intersection of Market and Van Ness to boost high-density construction. Prop C, which raises the affordable housing requirement for new projects, might temper developer enthusiasm.
While plans are still in their early stages, rezoning from industrial to residential could unlock as much as $2B in public benefit funds, planner Steve Wertheim told the San Francisco Business Times. Proximity to convenient transit options could make these districts a choice destination for high-density towers. Development here could make a significant dent in the city’s housing crisis.
Plans are in various stages of completion and nowhere near final. Wertheim acknowledged Prop C imposes added costs to developers. San Francisco's planning department hopes it can request special consideration from the city to adjust Prop C's requirements for development in those areas. [SFBT]
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