With the number of new units of housing in San Francisco that finished up construction in the third quarter of the year having outpaced the total of those which were newly proposed, the overall pipeline of apartments and condos under development in the city slipped by roughly 200 to 63,300.
And for the first time since 2014, San Francisco’s housing pipeline has dropped on a year-over-year basis and is now 400 below its peak in the third quarter of 2016, following the trend we first noted forming last year.
Keep in mind that the seemingly nominal drop in the pipeline is compared to a year-over-year gain of 4,700 units at the same time last year.
That being said, there are still 6,600 units of housing under construction across the city which should be ready for occupancy within the next year or two (including the remainder of Avalon’s 326-unit Dogpatch development at 800 Indiana Street), which is down from 7,100 under construction in the second quarter of the year.
In addition, there are now 12,400 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 12,900 units of housing now under review by the City’s Planning Department, which is down from 13,800 the quarter before and versus 16,600 at the same time last year, San Francisco’s Housing Pipeline totals 63,300, including 10,000 “affordable” units which are to be offered at below market rates, according to our accounting of Planning’s database as newly mapped above.