CAA: Bill would hurt density-bonus law in San Francisco
The California Apartment Association has called on members of the Assembly to reject a bill that would undercut the state’s density-bonus law and make housing in San Francisco more expensive.
AB 915 by Assemblyman Phil Ting, D-San Francisco, is awaiting a vote by the full Assembly, which could come as early as Monday. If it passes, the bill will progress to the Senate.
The state’s density-bonus law gives developers an incentive to include affordable housing in their projects. In exchange for including affordable units, developers get to build more market-rate units, helping their projects “pencil out.” AB 915, however, would force developers to price a portion of their density-bonus units below market rate, removing the very incentive that density bonuses are intended to create.
“At a time when California truly needs more housing, especially in San Francisco, AB 915 moves in the opposite direction,” says a floor alert from CAA and other opponents of the bill. “It will slow, if not stop altogether, new housing construction.”