Realtor ballot measure would negate ‘affordable’ units in San Francisco

[KamaAina]

http://www.sfexaminer.com/realtor-ballot-measure-negate-affordable-units-san-francisco/

For working San Franciscans, finding a place to live may soon go from near impossible to complete pipe dream.

A ballot measure written by the San Francisco Association of Realtors, added last week to the ticket for this November’s election, asks voters to drastically redefine the “affordable” part of affordable housing.

The Realtors’ measure would not create a single new affordable unit. Instead, it changes the rules for “below-market-rate” (BMR) units in new developments. The realtors seek to raise the income cap for BMR units from 55 percent of “area median income” (AMI) to 110 percent AMI. This means developers can choose tenants for these units with double the income at double the rent, resulting in millions of dollars in windfall profits for developers and Realtors.

The measure would eliminate housing opportunities for households earning up to approximately $56,000, making it virtually impossible for retail workers, cab drivers, artists, musicians, dishwashers, nonprofit workers, preschool teachers and struggling families to stay in The City. The measure targets the lowest rungs of the income ladder and makes them unable to get affordable housing.

[Jackie Wilson Said]

1. Anybody who owns rental property in surrounding counties will do well.

I think working people cant afford SF anymore.

Commute, probably.

Too bad there is no easy way to get across the bay from North Bay.

[arcane1]

2. I really shouldn't be surprised by shit like this, after all this time.

Yet I am. WTF is right!