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.

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