San Francisco Board of Supervisors Passes Housing Fee Reform Legislation
The San Francisco Board of Supervisors took the first of two votes to approve housing fee reform legislation last week. The legislation reduces by as much as a third the affordable housing fees and other impact fees in a bid to spur housing development and help the City reach its housing element goal of building over 82,000 housing units in the next eight years. For more information on the details of this legislation, please see our previous alert on this reform package.
The legislation passed 10-1 at its first reading at the Board of Supervisors and must still pass on second reading. The legislation is widely expected to be finally adopted and ultimately signed into law by the Mayor when the Board of Supervisors returns from its summer recess in September. Even with the fee reductions, many projects will likely struggle with feasibility. This legislation, however, will undoubtedly help accelerate housing production as other market conditions improve.