S.F.'s Bold Plan: Luxury Tower Developers Would Help Pay For Public Transportation
A new plan introduced by several civic agencies in San Francisco hopes to offset the impact that new residential development imposes on public transportation. The Transportation Sustainability Fee would apply to market rate residential housing greater than 20 units as well as large institutions. Officials estimate the new fee could bring in $14M a year, Business Insider reports. Affordable housing and subsidized middle-income housing would be exempt as well as smaller residential buildings and most nonprofits. The biggest contribution will come from big downtown luxury towers and even developers appear to be on board with the plan. Combined with the impact fee already contributed by office and commercial development, the new fees could help the city generate $1.2B over a 30-year period. The public transportation system in San Francisco is already strained and the problem will only worsen with an expected 101,500 households to be added in the next 25 years. The proposed ordinance is scheduled for the planning commission and land-use committee before going to the full board for approval. If approved, the fee could go into effect by later this year or early next year. [BI]
