IS THIS "THE MONSTER ON 6TH STREET?"
Will Build Inc.'s massive 458 unit market rate development on 6th Street - the South of Market's core lowest-income community of SRO residential hotels - become the same bloody all-in anti-gentrification battle that Maximus' smaller "Monster" project at 16th and Mission Streets now is?
If 35% of its units - 161 units - are a result of its unprecedented use of the new State Housing Density Bonus - a 50% height limit increase - then just 20% of the 297 "base" units will have to be lower-income Inclusionary Affordable Housing - 59 units - possibly on-site. 20% of the 161 bonus units - 33 units - could just pay a housing fee to the City instead of providing the affordable housing on-site. Or if 20% of all 458 units are on-site affordable housing, that would be 92 units at most. There could still be 366 market rate units here, or more.
but the real issue is what gentrification impact this massive project will have on the directly adjacent 6th Street Neighborhood. the terrible threat is that it will make it possible market-wise for the private owners of its SRO's with several thousand total existing units to evict their low-income tenants for "renovations" and then, after cosmetic improvements, convert their SRO's to up-market tech lifestyle "communities" with rents 50% or more higher than before. This is already happening in the Mission District now!
Even the half-dozen 6th Street SRO's now master-leased by nonprofits for City-funded homeless and supportive housing programs are not safe and could be converted like this to up-market tech housing - because those City-funded master leases DO NOT INCLUDE an option to buy the SRO's when their leases expire in coming years!
And guess what - thanks to recent State law pushed through by Senator Scott Weiner the City may have no legal way at all to require any changes to this project, or any greater % of Inclusionary Affordable Housing within it. It will all just be "as of right" and today's 6th Street Community be sentenced to death and damned!
From Senior Disability Action: Support elders facing eviction in SOMA---Please help by calling the mortgage company and demand they do not evict!
Melinda Cortez, who is 87, and her husband Alex, who is in his 70s, are facing eviction from their South of Market home of 22 years. When city officials told them their building was structurally unsound, they hired Arcon Construction to fix it up. But instead of just fixing the foundation, Arcon gutted the interior, then hooked them up with a mortgage company to finance the work they were forced to do to live in the home again.
Saxe Mortgage was supposed to make sure the work was done properly, but failed to do so. Arcon failed to finish the job on time, then disappeared, leaving the Cortezes holding the bag for a predatory, unsustainable loan.
Alex and Melinda were foreclosed on, and they are facing eviction unless the community comes together and says we won't stand for it. Join us as we say, "No More Homeless for the Holidays"
Please Call Gene Kristul of Saxe Mortgage at 650-755-7060, 650-755-5064 or 650-755-7293 and tell him that what Saxe is doing is wrong, that evicting 2 seniors is wrong. We need him to come back to the negotiating table. ...