City on tap for more than 3,600 housing units annually
Curbed SF reports that San Francisco is set for more than 3,600 new housing units annually through the year 2022, taking the numbers from a recent Vanguard Properties report that looks at both the current and upcoming supply of the city’s new housing. Vanguard found that right now there are approximately 831 new units up for sale in the city and another 529 in the pipeline that will be delivered by year’s-end.
In addition, there are slightly fewer than 2,400 new rental units that will start leasing in the second half of this year. The two largest are the Transbay District’s Solaire (472 units) and Potrero1010 in Potrero Hill (453 units). In terms of the future, there are slightly more than 38,000 new residential units that have approval for development in the city. These include:
· San Francisco Shipyard, Hunters Point
· Lennar Urban project, Treasure Island
· 2,360 units in Dogpatch
· 1,560 units in SOMA
· 520 units in Mission Bay
In addition, slightly more than 19,210 units are currently being reviewed by the city.
According to Vanguard, crunching the numbers of both planned and under-review units totals out to more than 3,600 new annual residential units over the next seven years. That’s a major leap from the past two decades’ yearly average of 1,743 new annual units. As Curbed SF notes, San Francisco mayor Ed Lee has a goal of producing 30,000 new or rehabilitated units between 2014 and 2020 – and these numbers put the city on track toward meeting Lee’s stated ambition.
However, Curbed SF also notes that the city may continue to welcome in excess of 10,000 new residents per year if population growth remains in line with (or grows from) the numbers seen over the past few years. In essence, this could mean that there will still be a housing shortage for some time to come.