View the San Francisco for Thursday, April 25, 2024
Zoning in the Northeast Waterfront Historic District was at the center of a recent spat between the mayor and the Board of Supervisors.
The brouhaha began earlier this year when Peskin, who represents the area, maintained that a section of the northeastern waterfront district is historic and deserves to be protected from wanton development. Housing advocates, on the other hand, view the area as underbuilt and ripe for additional construction.
The moves were notable — Breed rarely vetoes legislation, and the board had never successfully voted to override her. Mandelman said he is less certain that housing is key to victory but believes that it will depend “whether people trust the candidates to handle a host of issues that include housing, but also probably higher up are economic climate, homelessness, drugs, public safety.”
Breed told The Examiner her request to city planners was based on simple math and the assumption that six-to-eight story buildings are economically viable, while those taller are not. Editor’s note: This story was changed on April 24, 2024 to correct the height of potential housing developments under a draft proposal from the San Francisco Planning Department.Armando Rodriguez said he’s seen his rent increase several times because his landlord has passed on property-tax expenses related to The City’s bond debt.
Supporters say the correction is long overdue, arguing that renters have been shouldering a greater share of the debt even as property-tax rates from bonds remain static. Under the formula set by The City, landlords are allowed to charge renters more when the tax rate from bonds goes up, an exception to the typical rent ceiling known as a “passthrough.”
Those increases add up. Armando Rodriguez said that over the roughly 10 years he’s been living in his Tenderloin apartment, he’s seen bond passthroughs jack up his rent several times, contributing to a ballooning monthly rent bill. Upon further review, city officials have found that due to a set of complex factors involving historic bond obligations and the arcane details of San Francisco’s tax rules, the share of the debt burden from bonds on renters has indeed been growing.
Supporters of the change say that renters should only be asked to pay more when the relevant property-tax rate increases, arguing that such taxes — along with many other expenses incurred by property owners — are already baked into the market rate for rental units.“They think we set rents based on an algorithm that’s different from how rents are actually set,” she said.
Meanwhile, landlords may change course from the past two decades of either supporting bond measures or staying neutral in the races, New said. The overall Union Square vacancy rate was only 0.1 percentage points higher than the previous quarter but a whopping 5.1 points above last year’s figure, the company said.
Near Fifth and Market streets at the newly renamed Emporium Centre San Francisco, meanwhile, seven stores closed at the beginning of the year, Cushman & Wakefield said, although signs appeared in three shop spaces recently indicating they had been leased by unnamed tenants. Other bright spots included the ongoing buildout of stores for some luxury watch retailers set to open near the corner of Stockton and Post streets by the edge of Union Square, and St. John clothing’s planned move from Market Street to 245 Post St.“There are deals in the works,” Morgan said. “Touring activity is up, so that is good.”
Yet the building on Union Square at the corner of Geary and Stockton streets from which Bulgari is leaving went into default on the maturity date of its loan in October, said Josh Nester, portfolio manager with the investment firm Polpo Capital.
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Page A1View the San Francisco for Wednesday, April 24, 2024
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