You may be noticing a lot of bicycle posts lately, reflecting a trend of low cost, low energy, low maintenance transportation as gas prices have reached a new plateau. The same is happening for housing, as cities and developers partner to build homes at price points (and thus sizes) that those in the workforce (ie from teachers to police officers) can actually afford.
San Francisco leads the way in this regard, first with attainably-priced Cubix Yerba Buena and its efficiencies, and now a trio of new affordable housing developments (government subsidized) downtown, one of which includes market-rate units. They are as follows:
125 Mason Street, Tenderloin neighborhood: 81 apartments of one to four bedrooms, presented in an 8-story building fronting 14 stories behind it, with rent starting at $1079/month.
Railton Place, Tenderloin neighborhood: 110 units in a nine-story building catering to youth leaving foster care, adults recovering from substance abuse and formerly homeless veterans, paired with a community center featuring a full-court gym, indoor pool, computer labs and a dance studio. Keep in mind this building and its amenities serve, and is embraced by, the local community.
Mosaica 601, Mission District: 151 units in four stories that reflect the neighborhood fabric, including 93 family apartments, 24 studios for formerly homeless elders, and 34 condos (21 for first-time buyers, 13 at market rate). Fitting the Mission’s creative vibe, 12 ground-floor spaces will be reserved for light industry or design production along a cobblestone alleyway.
The thing to remember is pricing relevance. The median home price in San Francisco is $749,000, so having units starting at $279,000 (Cubix Yerba Buena) brand new is an unprecedented opportunity. In other words, take any median home price of a city and reduce it to a third – that’s significant. Read more about the trio of developments in the SF Chronicle article, Housing projects benefit more than just tenants, which speaks to how the buildings enhance its surrounding community.