mayor ed lee recognizes the need to replace steeply declining affordable financing for housing production with a reliable and continuous revenue stream, but he also recognized the need to create a stimulus for a crippled and acutely depressed local housing industry. to that end, the mayor convened the big tent working group of all housing trust stakeholders. large-scale developers, non- profits, local, indigenous, medium to small builders in short, it covers and a representative group of stakeholders from across the industry spectrum they joined together to make common cause, and the impetus for that was a common calamity. a prolonged and severe economic depression in san francisco put the construction industry. this economic disaster was exacerbated by the burdensome public policies, including the legislation that was wholly unsuited in the aftermath of an economic downturn. emblematic of that was the legislation been crafted for five to nine unit projects and inclusion
part of the overall housing production that we want to encourage in the city, not just the downtown development, but throughout the neighborhoods. we urge your support of this particular item. thank you very much. commissioner fong: thank you. the mayor transmitted to you before your meeting a letter asking for your support to restore the exemption of buildings with less than 10 units from the city s inclusionary housing program. the council and community housing organization also transmitted a letter of support. i have copies for you that i would like to provide. the council of community housing organizations was an integral part of the housing trust fund working group. i want to be very you know, i want to reserve time for other folks here, but i just wanted to reiterate a few things, one of which is the overall goal of the mayor s initiative was to be able to create housing, both affordable, market-rate and below-market-rate. the context for which the working group mem
this item? commissioners, i am with the residential builders association. several of my colleagues and i will endeavor to summarize city housing trust history. mayor ed lee recognizes the need to replace steeply declining affordable financing for housing production with a reliable and continuous revenue stream, but he also recognized the need to create a stimulus for a crippled and acutely depressed local housing industry. to that end, the mayor convened the big tent working group of all housing trust stakeholders. large-scale developers, non- profits, local, indigenous, medium to small builders in short, it covers and a representative group of stakeholders from across the industry spectrum they joined together to make common cause, and the impetus for that was a common calamity. a prolonged and severe economic depression in san francisco put the construction industry. this economic disaster was exacerbated by the burdensome public policies, including the legislation th
and the owner of fingered properties vanguard properties. many of the buildings in question, which kevin mentioned, simply do not pencil. the lending requirement itself is so stringent. the way a small construction community-bank pop-up community-bang-type lender looks at this, the inclusion very housing makes it look tough. what otherwise would be profitable for the developer it cuts down to very, very little. they are simply uncomfortable with the project. we see that time and time again, for the only lenders doing these projects. even if a project is approved, and i know there are several grace mentioned, to get the financing from local community banks is almost impossible, and this is the reason. we are running an uphill battle, and it is not going to work. we need this legislation to pass. thank you for the consideration. good afternoon, members of the planning commission. i also work at vanguard properties. i have done this seven years, and things have changed.