Growth Spurt or Fountainhead: 42,000 New Homes Built SF by 2042
Looking at the crystal ball for new housing under construction or slated for construction in SF from now until 2020 we’re looking at 11,000 units. Many of these condos and multi-family building units are needed now for both affordable low income housing and the higher echelons of homeownership.
Eleven thousand may seem like a good volume of home units, but according to a new report by Paragon Real Estate Group there are an additional 31,000 units that SF officials have already approved and are in the long wait to break ground. The report forecasts that the last brick and last touch up paint for these 31,000 homes will be done sometime in the year 2042. That’s a long cue to be standing in. Twenty six thousand of the planned units to be built into the future are a small number of very large mixed-use buildings situated in places such as Candlestick Point and Treasure Island.
Meanwhile rental building construction is outpacing homeowner building by a factor of 3 to 1 in measurement of actually under construction.