San Francisco Opens Its Largest Affordable Housing Development In Mission Bay
The City of San Francisco and Related California have completed the largest 100% affordable housing development in the city in over a decade. The Mission Bay community called Five 88 is at 588 Mission Bay Blvd. North and offers 198 one- and two-bedroom apartments for residents who earn 50% to 60% of the area median income. Rents range from $1,090 for a one-bedroom unit to $1,576 for a two-bedroom unit. The complex also has 200 bike spaces and 10K SF for retail.
“Housing affordability is the key issue facing San Francisco and the Bay Area today,” San Francisco Supervisor Jane Kim said. “The rising cost of housing is displacing many longtime San Francisco residents and impacting the racial, age, labor and family diversity of the city.”
The project was development by Related California in a partnership with the City of San Francisco, the Chinatown Community Development Center and San Francisco’s Office of Community Investment and Infrastructure. Chinatown CDC will manage operations at the property. The project was funded in part by the OCCI.
“The need for affordable housing is immense in San Francisco,” Chinatown CDC Executive Director Norman Fong said. “We received 4,054 applications for 198 units, which underscores the high demand for stable affordable housing. … Five hundred sixteen residents are now living in new, affordable homes.”