As prices continue to skyrocket, the city of San Francisco is considering adding more housing to its already overflowing housing stock, in a move to prevent more residents from leaving the city.
In an interview with Axios on Monday, Mayor Ed Lee said he believes “the sky is the limit” to the city’s housing supply, but he also said that he wants to do everything he can to limit the city from adding more units to its housing stock.
The city of 2.4 million has about 4.8 million people, but it’s projected to have only 5 million residents by 2041, according to the San Francisco Planning Department.
A study released last year by the San Jose Mercury News projected that the city will need an additional 890,000 residents by 2020.
The increase in housing prices has spurred the city to consider more housing options for residents, such as apartments, single-family homes, and condos.
In addition to housing, the SFPD and the city Department of Public Works recently launched a program to help residents find affordable housing.
The City of San Francisco is looking at adding about 5,000 units of affordable housing to the existing supply, according the report.
The program will allow residents to select apartments, co-ops, and single- and multifamily homes to rent to them.
In the interim, the agency will be using a combination of public housing vouchers and a $50 million fund to help low-income households purchase the units.
Lee also said the city is considering increasing the amount of affordable units that residents can rent to households with incomes up to 125 percent of the federal poverty level ($16,850 for an individual) in an effort to encourage residents to stay in the city, as well as increase the amount that people can rent by more than 100 percent of their local median income ($32,000).
If the city wants to make up the shortfall, Lee said it’s going to need to invest in new housing options.
He also noted that some areas of the city have not been able to keep up with the increasing demand.
While housing costs are still rising, Lee acknowledged that he’s not happy with the housing market in the San Franecsas, as it continues to balloon and his administration has tried to reduce the citys housing affordability crisis.
“I’m not going to go in and say we need to reduce prices, but we need more housing,” he said.
“We’re not going for the short term, we’re going for what’s right for the long term.”
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