Mayor Ed Lee on Monday morning announced a new housing development in the Excelsior District in which half of the housing units will be permanently rent-controlled and half will be permanently set aside as affordable housing.
The 103 rent-controlled units at 915-917 Cayuga Ave., currently the site of an underutilized warehouse, will include “just cause” eviction protections, according to the mayor’s office.
Two-bedroom apartments will cost between $1,333 and $2,909, depending on income level. The development is privately financed.
The 52 rent-controlled apartments will be the first of their kind added to The City’s housing stock since the passage of a state law in 1995 that largely restricts the ability to impose rent control on residences built after 1995. The new apartments are allowable under some of the law’s exemptions, according to the mayor’s office.
“This is an historic agreement that will offer more than 100 families affordable housing in perpetuity,” Lee said in a statement. “The challenge working and middle class families have in finding affordable housing requires us to consistently look for opportunities with developers willing to work out-of-the-box.”
SST Investmests, the owner of the site, approached city officials with the interest of crafting a project to address housing affordability issues in San Francisco, according to the mayor’s office.
“This is a unique situation where the city and a developer’s goal, to give back to The City and its residents, are aligned,” Lee said.