With new proposals having been submitted to the City for roughly the same number of residential units that finished construction in the first quarter of the year, the overall pipeline of apartments and condos under development in San Francisco is holding around 63,600.
But as we first noted last year, the year-over-year growth in the overall pipeline has been trending down since the fourth quarter of 2015. And last quarter’s gain of 144 units versus the first quarter of 2016 is compared to a year-over-year gain of 8,620 units the year before.
In terms of the state of the current pipeline, there are now 5,600 units of housing under construction across the city which should be ready for occupancy within the next year or two, including the 111 condos finishing up construction at 650 Indiana Street, the former Café Cocomo parcel in Dogpatch, as pictured above.
In addition, there are 13,100 net-new units of housing for which building permits have either been issued, approved or requested, and 31,500 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).
And with proposals for another 13,300 units of housing under review by the City’s Planning Department, which is the fewest since the second quarter of 2015 and trending down, San Francisco’s Housing Pipeline now totals 63,600, including 10,400 new “affordable” units which are to be offered at below market rates, according to our accounting of Planning’s database.
At the same time, sales of new construction condos on the market in San Francisco were down 25 percent last year, at least one index suggests that new condo prices have dropped over 8 percent from a peak in the fourth quarter of 2015, and rents in the city are down over 7 percent.