SF Supes To Vote On Luxury Condo Moratorium
SAN FRANCISCO (CBS/AP) -- San Francisco supervisors are expected to vote on a plan that would suspend the development of luxury condos in a neighborhood that's come to symbolize urban displacement.
The 45-day moratorium would affect two dozen projects in the city's Mission District, which has witnessed skyrocketing prices amid a technology jobs boom.
A one-bedroom flat can easily rent for more than $3,300 a month, and two-bedroom condos are listed for nearly $5,000.
Supervisors will vote on the ordinance Tuesday afternoon. It faces steep odds, as it needs nine of 11 votes to pass.
Supervisor David Campos, the plan's chief sponsor, says a time-out will give the city room to purchase property and develop affordable housing units.
Supervisor Scott Weiner is opposed, and says the way to affordable housing is to increase construction.