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 in the fourth quarter of last year, the overall pipeline of apartments and condos under development in San Francisco has increased by 1,950 to a record 65,250.
And having slipped on a year-over-year basis the quarter before, which was the first year-over-year decline since the end of 2014, the overall pipeline is now running 1,630 higher versus the same time last year.
That being said, the number of units in approved projects which have actually broken ground, units which should be ready for occupancy within the next year or two, slipped by 300 to 6,275 and is down from a current cycle peak of 8,800 in the third quarter of 2015. At the same time, the number of units in projects which have yet to break ground has grown.
In fact, there are now 15,500 net-new units of housing for which building permits have either been issued, approved or requested – which is up from 12,400 the quarter before – along 29,100 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 14,400 units of housing now under review by the City’s Planning Department, which is up from 12,850 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 65,250, including 11,270 units of “affordable housing” which are to be offered at below market rates, according to our accounting of Planning’s database as newly mapped above.