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Proposition F improves upon the proposed development of new housing in Candlestick Point, known as Proposition G.
Proposition F simply guarantees that development will benefit the surrounding community and low-income families by (1) requiring 50% of new housing at Candlestick Point & the Shipyard be affordable; (2) requiring that Alice Griffith public housing be rebuilt with NO displacement; and (3) providing preferences for new affordable housing to those who were previously displaced from a redevelopment area, those who pay more than 50% of their income on housing, those eligible for and currently residing in public housing, San Francisco residents and others.
Proposition F guarantees workforce housing, while Proposition G only "encourages" it.
Lennar’s initiative does not guarantee that any of the housing it builds will be affordable, and only encourages that some of the housing should be below market rate. Lennar’s initiative also does not mention any specific level of affordability at which the units would be produced.
Proposition F requires that 50% of all new housing be affordable at the following levels:
-1/6 of the affordable homes at or below 80% AMI ($73,600)
-1/6 of the affordable homes at or below 60% AMI ($55,200)
-1/6 of the affordable homes at or below 30% AMI ($27,600)
50% affordability rates here are still very profitable and optimal for the community.
Prop. G is about corporate welfare. Construction at this site is one of the most subsidized construction projects in San Francisco. The City is planning to contribute public land and help pay for the project out of its affordable housing fund by issuing bonds backed by future property tax revenue from the homes built by Lennar.
According to the San Francisco Chronicle, "the project is estimated to cost $1.4 billion, and Lennar is aiming to make a 20 to 25 percent rate of return on its investment."** Proposition F redirects a portion of the $280,000,000 to $350,000,000 of Lennar’s projected profits to produce the much needed housing for our workforce, including nurses, teachers, and firefighters.
**SF Chronicle “Candlestick developer spends big bucks on 'political dream team'” Wednesday, January 30, 2008
Proposition F is one vital piece of the puzzle to responsibly rebuilding Bayview-Hunters Point.
The Hunters Point Shipyard is one of the most contaminated superfund sites in the country. Given the long legacy of environmental racism that has affected the health of children and families throughout Bayview Hunters Point, we must remain vigilant in demanding the highest standards of environmental regulation and protection throughout all levels of this project, and forcing ANY developer to follow the mandates of Proposition P, passed by voters in 2000, which requires the land to be cleaned before developers move in.
Proposition F provides that preferences for rental or purchase of new affordable housing be given to families of low- and moderate-income in this priority: (1) any Alice Griffith resident in good standing; (2) persons entitled to residential relocation assistance; (3) individuals paying more than 50% of their income for housing or residing in public or HUD Section 8 housing; (4) San Francisco residents; and (5) the general public.
Proposition F was initiated by the community.
And Proposition F remains community-driven and community-focused. This is a struggle between people power and profits. We can’t afford glossy ads or spin doctors. This is a struggle for our homes and our community. All we have is the truth, every environmental justice organization in San Francisco, faith-based organizations, anti-displacement activists, and progressive Democrats. But we shall not be moved.