A housing development at 900 Folsom St. in South of Market. (Mike Koozmin/2014 S.F. Examiner)

A housing development at 900 Folsom St. in South of Market. (Mike Koozmin/2014 S.F. Examiner)

New SoMa plan could produce $2B for SF

San Francisco hopes to change city rules for part of the South of Market neighborhood to build up to 7,500 new homes and bring in $2 billion from new development, according to a proposal released Thursday.

The Planning Department’s Central SoMa Plan focuses on the often underdeveloped or in some cases undeveloped 230-acres between Second and Sixth streets in most of the area above Townsend Street to Market Street.

The area surrounds Fourth Street, underneath which San Francisco is constructing the new Central Subway.

If adopted, the plan would triple the housing capacity allowed in Central SoMa, possibly bringing in $600 million from developers building affordable housing and $350 million in property taxes by 2040. Affordable housing is expected to make up 33 percent of new housing in the area.

The other public benefit monies would come from transit, school and other fees, according to the plan, which also calls for the creation of 45,000 jobs.

City planners released a revised draft of the plan Thursday after six years of community outreach. Current city rules would only allow for $300 million in public benefits from the area.affordable housingCentral SoMa PlandevelopmenthousingPlanningPlanning CommissionPlanning DepartmentSouth of Market

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Nicole Canedo looks at her City-issued Medical Reimbursement Account page on her computer outside her Berkeley apartment on Tuesday, Nov. 24, 2020. Canedo has worked numerous retail jobs in The City and the MRA has helped her with health costs. (Kevin N. Hume/S.F. Examiner)
Millions left sitting in medical reimbursement accounts by city workers

Health officials looking at how to improve access, outreach as untapped funds reach $409M

Andrew Faulk wrote "My Epidemic." (Courtesy photo)
Doctor’s memoir a fitting remembrance for World AIDS Day

‘My Epidemic’ tells personal stories of men who died

49ers receiver Deebo Samuel picks up yards in front of the Rams defense after a reception in the 4th quarter at SoFi Stadium in Inglewood Sunday. (Wally Skalij/Los Angeles Times)
Rams can’t stop 49ers’ Deebo Samuel from catching defense off guard

Emmanuel Morgan Los Angeles Times Perhaps the Rams didn’t watch enough film.… Continue reading

Dr. Grant Colfax, director of the San Francisco Department of Public Health. (Kevin N. Hume/S.F. Examiner)
SF moves into purple tier, triggering curfew and business shutdowns

San Francisco moved into the state’s purple COVID-19 tier Saturday, requiring The… Continue reading

Dan Johanson on summit: Dan Johanson celebrates his first visit to Mount Shasta’s summit. Photo by Matt Johanson
Mount Shasta inspires and teaches generations of climbers

Challenging climb maintains a magnetic pull on mountaineers

Most Read