Record Pipeline of Residential Development in San Francisco Grows

by SocketSite

With the number of newly proposed units of housing to be built in San Francisco having outpaced the number of units that finished up construction, the overall pipeline of apartments and condos under development in San Francisco increased by 2,600 in the first quarter of 2018 to a record 67,800, which is 4,200 higher than at the same time last year.

And having slipped in each of the previous two quarters, the number of units in projects which have already broken ground and should be ready for occupancy within the next year or two has ticked up by 475 to 6,750 but remains 23 percent below a current cycle peak of 8,800 which was set in the third quarter of 2015.

At the same time, there are now 15,300 net-new units of housing for which building permits have either been issued, approved or requested, which is roughly even to the 15,500 in the quarter before, along 30,500 units in projects that have already been approved but not yet permitted (which includes the majority of the 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units at Parkmerced, projects which have overall timelines measured in decades, not years), an increase of 1,400 from the last quarter of 2017.

And with proposals for another 15,200 units of housing now under review by the City’s Planning Department, which is up from 14,400 the quarter before and bolstered by the anticipated passage of San Francisco’s proposed Central SoMa Plan, San Francisco’s Housing Pipeline now totals a record 67,800, including 11,450 units of “affordable housing” which are to be offered at below market rates, according to our latest accounting of Planning’s database as newly mapped above.