Breed Introduces Legislation Protecting San Francisco’s At-risk Housing

San Francisco Mayor London Breed

San Francisco Mayor London Breed

Just two months after being inaugurated, Mayor London Breed has introduced her first major law in an attempt to secure San Francisco’s stalled pipeline of new housing.

It targets 3,420 units of housing, 498 of which would be permanently affordable, “currently at-risk due to unrealistic permitting deadlines” in part set by Proposition C, according to the mayor’s office. In particular, the 30-month timetable set by the measure didn’t take into account the lengthy entitlement process, which can take years.
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Refined Plans for SF Mega Mansion – SocketSite

2950 Pacific under redevelopment

2950 Pacific under redevelopment

Purchased by Mark and Alison Pincus for $16 million in 2012, the nearly 12,000-square-foot Pacific Heights manse at 2950 Pacific Avenue, returned to the market in 2014 with plans to add a bunker below the home and an $18 million price tag.

Withdrawn from the MLS and scrubbed from the listing agent’s site in early 2015, the property quietly sold to developer Troon Pacific for $16 million that November, at which point even bigger plans to gut and expand the Albert Farr-designed home were working their way through Planning.
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Index for Bay Area Home Values Inches Up, NY Slips, and Vegas Jumps

Having ticked up 1.1 percent in May, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – inched up 0.5 percent in June to an all-time high and is running 10.7 percent higher versus the same time last year, but with uneven gains across the market.

While the index for the bottom third of the Bay Area market inched up 0.6 percent and is running 11.1 percent higher versus the same time last year, the index for the middle third of the market ticked up 0.9 percent and is 13.2 percent higher, year-over-year, and the index for the top third of the market inched up a nominal 0.1 percent and is now running 9.3 percent above its mark at the same time last year.
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The Market

San Francisco Real Estate Market Update – Sept. 2018 – PDF