Mike Koozmin/S.F. Examiner file photoNew housing is under construction in San Francisco.

Mike Koozmin/S.F. Examiner file photoNew housing is under construction in San Francisco.

SF adds 2,290 housing units so far this year in quest to reach 30,000 goal by 2020

New units of housing are rising in San Francisco at a record rate, though real estate prices are still outpacing construction of new units.

The City has added 2,290 new units of housing this year, mostly in the high-rises around the Transbay Transit Center construction zone, Mayor Ed Lee said in a statement last week.

More units of new housing were built in the first six months of 2014 than in all of last year, according to Lee.

Meanwhile, The City is still one of the costliest places to live in America. The median price of a home or condo topped $1 million for the first time last week, according to a report issued by DataQuick, and the average asking price for any size rental property is $3,229.

Lee has repeatedly said that building or rehabilitating 30,000 units of housing by 2020 is a top priority. He has also promised that one-third of those will be permanently below-market rate.

There are currently almost 50,000 new housing units in The City’s “housing pipeline,” according to the Planning Department. Of those, 4,600 are currently under construction, with another 5,100 having had building permits approved.

Critics of The City’s “build first” policy say that many more units than that will need to be built in order for the housing market to become affordable for middle-income earners. A rough estimate from city economist Ted Egan said at least 100,000 new units would be required to shift prices.

Most of the new housing in the pipeline is in large, mixed-use developments proposed for Parkmerced, Treasure Island and the former naval shipyard at Hunters Point.

The “hot spot” for development elsewhere in The City is Market Street, according to the Planning Department, where a host of units approved before the 2008 recession are finally being built.Bay Area NewsdevelopmentEd LeePlanningSan Francisco housing crisisSan Francisco rents

Just Posted

Niners quarterback Jimmy Garoppolo led a late-game comeback against the Packers, but San Francisco lost, 30-28, on a late field goal. (Courtesy of San Francisco 49ers)
The Packers beat the Niners in a heartbreaker: Don’t panic

San Francisco is no better and no worse than you thought they were.

Dominion Voting Systems, a Denver-based vendor, is under contract to supply voting machines for elections in San Francisco. (Kevin N. Hume/Examiner file)
Is San Francisco’s elections director impeding voting machine progress?

Open source technology could break up existing monopoly

Health experts praised Salesforce for keeping its Dreamforce conference at Moscone Center outdoors and on a small scale. (Kevin N. Hume/The Examiner)
Happy birthday, Marc Benioff. Your company did the right thing

Salesforce kept Dreamforce small, which made all kinds of sense

Packers quarterback Aaron Rodgers proved to be too much for the Niners in a Week 3 loss to Green Bay. It was San Francisco’s home opener for the 2021 season. (Courtesy of the San Francisco 49ers.)
Week 3 NFL roundup: Packers victory over 49ers caps off a stellar Sunday

By Tyler Dunne New York Times Here’s the Week 3 roundup of… Continue reading

Former San Francisco Mayor Willie Brown, pictured with Rose Pak in 2014, says the late Chinatown activist was “helping to guide the community away from the divisions, politically.”
Willie and Rose: How an alliance for the ages shaped SF

How the Mayor and Chinatown activist shaped San Francisco, then and now

Most Read