Board of Supervisors approve a landmark agreement to use development impact fees to stabilize vulnerable residents.
After months of pressure on City officials from community residents and nonprofit workers to recognize the effects of high end development on the low-income, immigrant communities in the South of Market, the Board of Supervisors voted 9-2 yesterday to approve a landmark agreement to stabilize vulnerable residents in the South of Market. This is the first time development impact fees will be used to ameliorate the effects of indirect displacement of community residents.
"Under the deal, $34 million will flow into a South of Market improvement fund to create jobs and housing for residents in the area who could keenly feel the effects of the development, which is expected to bring 2,200 market- rate condominiums to the area."
Thanks to April Veneracion
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