SAN FRANSISCO – (Nov. 11, 2019) – The city of San Francisco announces today its initiative to lower the costs of the housing market by creating more reasonably priced housing within the urban core.
Currently, the average price of housing in San Francisco is $1.2 million for a home and $720,000 for an apartment. The new initiative, called “Frisco 2022,” plans to move this average down to $300,000.
“If you would have told me even a year ago that this would become a reality I would have laughed it off, but people came together and now we’re moving forward in what will be one of the biggest housing projects in U.S. history,” said City Council President Marcia Choate.
The Frisco 2022 has two goals. The first goal is to increase the number of affordable homes in the downtown core. The second goal is to increase the number of affordable homes all over the city.
“This ambitious project has been something we have been meeting about and talking about for two decades, and we’re thrilled that it’s coming to fruition,” said San Francisco Mayor Thomas Charles. “It will bring people and families back to our city, and their impact will have a positive effect on everyone living in the San Francisco area.”
The city aims to create 2,200 new homes in downtown San Francisco and 6,200 homes all over San Francisco. These homes will include 1,200 single family homes, averaging at $450,000, and 5,000 apartment-style homes, averaging at $300,000.
The city is receiving grants to help pay for the land to build the properties on. Developers, land owners and city administrators have all signed onto the plan.
Building the new homes is expected to bring more residents back to the downtown core, increase the economic validity of the city and help the local economy.
“I have to tip my hat to Mayor Charles and his administration for involving the citizens of this great city in putting this proposal together,” said Tammy Smith, president of the San Francisco Homeowners for San Francisco. “We have a world class city, and now more people will get to experience living here.”