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Lies about market-rate housing

April 22, 2015

Grassroots Actions

By Marc Salomon

Common sense talking points by developer boosters and lobbyists at SPUR, the Housing Action Coalition and the SF Bay Area Renters’ Association on why we need more market-rate luxury housing simply cannot withstand scrutiny.
Developers would never risk capital to build into a market that is saturated so that the price at sale is lower than the price at construction time, so market-rate housing does not lower the price.
Developers admit that building condo towers won’t make housing prices fall. One of San Francisco’s biggest new developments, 5M, proposes to add more than 900 units in South of Market at Fifth and Mission streets. The developer said that predictions are that prices will continue to increase 2 to 3 percent per year from now until the buildings are finished between 2019 and 2026.
According to the Planning Department, new market-rate housing does not pay its freight

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