The six-month ban puts a halt to live-work loft developments in such neighborhoods as the Mission District, Potrero Hill and the South of Market area, where city officials have approved roughly 3,000 loft units in the past four years, including more than 1,000 during the past year alone.
Critics do not like the development because it has driven up the cost of housing. Furthermore, they say the lofts, originally intended for artists, are actually being used as office space for dot-com and high technology companies.
Developers, on the other hand, favor the loft developments because it exempts them from some of the typical fees associated with pure residential construction projects, such as school fees and affordable housing requirements.
The 9-1 vote now leaves the board of supervisors to craft a permanent plan. For the next six months, supervisors will work with community activists to draft new plans for development. In particular, the board will look at ways to create more affordable housing for low-income and middle-class residents.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.