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Developers appear to be largely done building out a residential pipeline coming in before the affordability measure Prop C takes hold. The number of units under development registered a slight drop of 100 at the end of June to stabilize at 63,000.
Over the next two years, around 7,000 of these units should be ready, reports SocketSite. Of the remaining units, 39,000 are in various stages of approval and permitting. The majority (11,000) of these 39,000 units come from Candlestick Point.
The threat of Prop C requiring more affordable housing motivated builders to get more projects underway before it implementation to lock in the affordability requirement at lower levels. The passing of the law and a softening rental and condo market is likely driving flatter numbers. [SS]
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