Home Buying in Mission Bay>Question Details

roman.i.moro…, Home Buyer in San Francisco, CA

Affordable Housing in Mission Bay

Asked by roman.i.moroni, San Francisco, CA Fri Jul 4, 2014

Hi, I am looking into purchasing a market rate condo in Mission Bay (mainly Madrone, Radiance, Arden).

Mission Bay South is slated to have 33% affordable housing units. The affordable housing units are spread across several blocks (6, 7, 3, 4, etc). Upon initial research, I have found that, for some of the affordable housing projects, their respective purposes are well-focused (e.g. seniors, children receiving treatment at UCSF, middle-class income home purchases). By contrast, some of the blocks are associated more generally with low-income and formerly-homeless. Is the latter, low-income category likely to impact market-rate property values? For example, are such projects associated with crime?

I know this is politically sensitive issue, so I would really appreciate objective feedback.

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Answers

2
Dear Roman,

As the previous agent mentioned below, I also haven't seen BMRs (below market rate ) affect condos value anywhere in San Francisco. Also, just for you to have an idea, I checked some data from last year (May 20013), and the median sales price for condos in SF were $825,500 compare to $952,500 - May 2014 (Source: San Francisco Association of Realtors). I hope this was helpful. Take care!
0 votes Thank Flag Link Mon Jul 7, 2014
Hi Roman,

BMR (below market rate) apartments are required by the city in new buildings. In my experience in the city and as an agent, I haven't seen these units impact the market rate units at all, nor do I think they in any way lead to increased crime rates.

I'd be happy to help with your condo hunt if you need it, and don't hesitate to ask if you have any more questions.

-Ryan
0 votes Thank Flag Link Fri Jul 4, 2014
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