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Mayor Breed Proposes Waiver of Fees for Downtown Conversion Projects
San Francisco Mayor London N. Breed on Thursday announced new legislation to waive development impact fees and inclusionary housing requirements for office-to-housing projects as part of her plan to revitalize the city’s downtown. The ordinance is part of a series of new policies and milestones that advance Breed’s “30 x 30” initiative to bring at least 30,000 residents and students downtown by 2030.
The city’s impact fees and inclusionary housing requirements are the largest source of city-imposed costs on conversion projects, adding between $70,000 to $90,000 per unit in project development cost. The legislation would waive these fees for all commercial-to-residential conversion projects downtown, building on a waiver of real estate transfer taxes for conversion projects that was enacted in March.
“San Francisco is changing to a City of Yes where we remove all the barriers and obstructions that get in the way of what’s possible,” said Breed. “By eliminating these fees we are saying yes to change, yes to housing, and yes to turning Downtown into a 24/7 neighborhood.”
- ◦Development
- ◦Policy/Gov't
