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San Francisco just passed an increase to the fees on new office construction and it’s being sold as “$400 million for affordable housing.” In fact, of the $400 million, only $154 million is new revenue, and it’s spread out over20 years. That works out to only $8 million per year in new revenue (or about 30 units of subsidized housing1).
This comes at a cost of $300 million to GDP and over 1000 jobs lost over 20 years, and higher rents for nonprofits and businesses. We can build more low-income affordable housing by lowering barriers instead of killing the economy that employs San Franciscans and funds government services.read more