Responding to the Civil Grand Jury report which noted that the Mayor’s goal of creating 30,000 new and rehabilitated homes is San Francisco by 2020 “will provide some relief to the current shortage, but exactly how far it will go in addressing the affordability issue depends on many factors and the outlook tends to be gloomy,” the City has countered that “an increase of 30,000 units represents a significant addition to the City’s housing stock,” and that “San Francisco’s economic diversity will be maintained” by ensuring that “the majority of these new units are affordable to a wide range of individuals and families.”
Next week, San Francisco’s Board of Supervisors is slated to adopt a resolution urging the Mayor “to cause the implementation” of the Grand Jury’s accepted findings and recommendations for addressing the affordability crisis in San Francisco and preserving the city’s diversity.
Of course, the market could also self-correct, for as the Grand Jury noted, “the current affordability “crisis” could also dissipate, at least temporarily, should technology employment turn out to be a bubble, as occurred in 2000 after the “dot com” cycle when laid-off workers left San Francisco and vacancy rates increased.”
The City’s detailed response and official reaction to the Grand Jury’s findings and recommendations: Consolidated City and County of San Francisco Response to Civil Grand Jury Report.