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Mayor Ed Lee responded to the shortage by calling for the construction of 30,000 new housing units by 2020, and proposing a $310 million city bond to fund below-market-rate housing units. [36] The goal of 30,000 new units was approved by San Francisco voters in 2014's Proposition K, [ 37 ] and the affordable housing bond was passed in 2015 as ...
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
In order to encourage for-profit developers to build projects that include affordable units, cities often allow developers to build more total units (a "density bonus") than their zoning laws currently allow so that there will be enough profit generating market-rate units to offset the losses from the below market-rate units and still allow the ...
The project will include retail and 2 million square feet of office space, and 2,402 total units of housing. Half of those units, or 1,201, will be designated as below-market rate housing for low and very low-income residents. [11] The project was approved on September 21, 2018 for streamlining under SB 35.
High monthly prices coupled with the lock-in effect, in which homeowners are reluctant to let go of their sub-4% mortgage rates, have prolonged the frozen housing market.
She points to recent research by her firm that found that some 45% of recent homebuyers landed mortgage rates below 5%, usually via special financing offers like rate buydowns. “I’m a little ...
40% of the 392 condos are designated to be sold below market rate. [6] [17] The units at the top of Mira tower start around $5 million. [18] However, sales have stayed sluggish and most condos sold below market. Part of the reason is the fact that the area has become much less attractive.
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