San Francisco would need an additional $1.3 billion in order to meet the state-mandated affordable housing production requirements set to kick in next year, according to a report from the Mayor's Office of Housing and Community Development. That's just the start: The number swells each year, topping out at $2.4 billion by 2029. While San Francisco is still working on its "housing element" — a housing production plan every California city is required to complete every eight years — city planners face a daunting task: how to create 82,000 new homes in the eight years from 2023 to 2030, including 32,000 that are affordable to very-low-income and low-income families. The housing requirements assigned to every city are known as Regional Housing Needs Allocation, or RHNA. The looming affordable housing funding gap was the topic of a hearing Thursday at the Board of Supervisors Government Audit and Oversight Committee. At the hearing, committee Chairman Dean Preston questioned whether the city was doing enough to prioritize homes for working-class residents in a city where under 20% can afford market-rate rents — which reach into several thousand a month. "What is clear is the existing strategies are not going to get us there,"… Read full this story
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