With the number of newly proposed units of housing to be built in San Francisco having outpaced the number of units that recently finished up construction for the sixth quarter in a row, the overall pipeline of apartments and condos under development in San Francisco now totals a record 72,865 units of housing, which is 5,050 more than in the first quarter of 2018.
And for the fifth quarter in a row, the number of units in developments which are currently under construction and should be ready for occupancy within the next year or two has increased, from 8,100 at the end of last year to 8,500 in the first quarter of 2019, which is within 3 percent of the current cycle peak of 8,800 set in the third quarter of 2015 and nearly 50 percent above the average number of units under construction across the city at any point in time over the past ten years.
The net-new number of units of housing for which building permits have either been issued, approved or requested is holding at around 16,800 and the number of units in projects that have already been approved but not yet permitted (which still 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) is holding at a record 33,500.
And with proposals for another 14,050 units of housing now under review by the City’s Planning Department, which has been bolstered by the passage of San Francisco’s proposed Central SoMa Plan, a plan which has since been challenged, San Francisco’s Housing Pipeline now totals a record 72,865 units, including nearly 14,200 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.
At the same time, home sales in San Francisco are off to their slowest start since 2010 and pending sales are down.