"Here's the background on 650 Divisadero, most of which you won't find in media coverage or press releases. The site should have been a prime opportunity for a developer to build. The project was fully "entitled" (all approvals secured) for years. No environmental appeals or permit appeals were filed. The developer had the unfettered right to "build baby build." But even with upzoning and fully approved plans, this privately owned site sat undeveloped."
"This fully entitled site joined the growing number of sites across San Francisco during the pandemic where developers simply abandoned market-rate housing development plans. We pushed hard for San Francisco to take this opportunity for the city to buy up these sites to create affordable housing. To this end, we passed a ballot measure in 2020 to tax the rich to fund social housing. The real estate industry and tech billionaires fought hard against Prop. I, but still passed."
More than 100 affordable homes are planned at 650 Divisadero, funded by revenue from Prop. I, a tax on sellers of properties worth $10 million or more. The site had full entitlements and approvals but remained privately owned and undeveloped after developers abandoned market-rate projects during the pandemic. Prop. I has raised over $400 million and prioritizes site acquisition through recommendations from the Housing Stability Fund Oversight Board. Sellers who transfer properties for affordable housing development are exempt from the tax, incentivizing sales to affordable-housing buyers. City agencies and the mayor's office were pushed to use the fund for site purchases.
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