The developers and the project source, project revenue financing this project have shown the table on page 14. The Developers Equity contribution is estimated to be about 190 million. They have already contributed about 27 million of that towards entitlement costs. With their return, we estimate that the return to developer and the payment to developer will be around 268 million in current dollars. Under the d. D. A. , the developer is paid back from project revenues, prepaid ground leases, rents, financing from the financing district, they say they cannot compel the general fund or the port fund to repay their costs. In sort of summary of this project, same we said when we looked at the pier 70 project, this is complex, the financing is complex. If project revenues do not come in in the amount or the frequency that they are expected, it will cause delays in the project, that would be the major risk to the project. We recommend amending the resolution that approves the d. D. A. To requ
Welcome to a special edition of reality check. For the next 30 minutes, well use hard data and expert analysis to get to the truth behind todays top headlines. And we begin with the hottest topic in San Francisco right now, housing. The citys grappling with rising costs and an increasing population, forces that have pushed out countless low and middleincome families. City officials want to create more Affordable Housing and also preserve whats left. They say proposition a, mayor ed lees housing bond, would help ease that crisis. We decided to crunch some numbers and see if the money would make a dent. Lost in the melody of San Franciscos Mission District, amidst the humming motors, slow strollers, and jumping new joints lingers the memory of what it was like to actually live here for some. Like anna lanuza, who moved out of the city 5 years ago, but left her heart in the mission. Anna we should be able to afford it. My sons should be able to live here. They were born here, San Francisc
Why recordbreaking numbers could be inflated with smoke and mirrors. And finally. Kath tsakalakis we have to get guns out of american schools. Sam some call it an american epidemic. Gun violence on School Grounds another week, another incident. But are the oftenused statistics about Americas School shootings reliable . We look at the numbers and get to the truth in tonights reality check. And good evening, and thank you for joining us. Im sam brock. Welcome to a special edition of reality check. For the next 30 minutes, well use hard data and expert analysis to get to the truth behind todays top headlines. And we begin with the hottest topic in San Francisco right now, housing. The citys grappling with rising costs and an increasing population, forces that have pushed out countless low and middleincome families. City officials want to create more Affordable Housing and also preserve whats left. They say proposition a, mayor ed lees housing bond, would help ease that crisis. We decided
Estate transfer tax, shortterm flip property. When a profit is being made off of the sale. If the resale is within the first year of purchase then the tax will be 24 of the retail price. Within two years, 22 . Three years, 20 . Up to five years at 14 . If you buy property and hold onto it for five years or longer it doesnt impact you at all. The tax also focuses specifically on greedy speculators. It does not apply at all to six categories. Singlefamily homes or condos, Owner Occupied tics or tenancy in commons, new construction, buildings over 30 units. When a Property Owner sells their property at a loss, and lastly, sales to create permanently Affordable Housing. We know that speculation leads to increased housing costs. There have been a number of studies showing that. Also, we know that astronomical housing costs like were facing today in San Francisco is the greatest concern of many san franciscans throughout our city from the rich modxctionv to ~ richmonds and other neighborhood
Is important. District 6 is not the only neighborhood that wants targeted Affordable Housing. So, what does this legislation do if passed . One, the legislation asks that the city establish a rolling tenyear count on the number of Affordable Housing produced in comparison to market rate luxury housing. Affordable housing is defined as 120 of average Median Income and below, according to the Mayors Office of housing, 2014 chart, this would include individuals that make 81,550 and under for a family of four 116,500. Were not even talking about just what most residents consider lowincome Affordable Housing. Were talking about the teacher, the principal, beginning firefighter, police officer, and most san franciscans. In fact, 60 of the city make below that amount. Doing a rough count, based on how we have written it in the measure the city is currently i am balanced and will continue to be for the next few years. If we continue to stay imbalanced in the future, this legislation will never