Board adopts fiscal‑feasibility finding for Balboa Reservoir housing project; supervisors emphasize affordability

The Board of Supervisors unanimously accepted the fiscal‑feasibility findings for a proposed housing development at the Balboa Reservoir on April 3, a required step under San Francisco Administrative Code Chapter 29 before the city proceeds with environmental review and entitlements. Supervisor Feuer noted the project was on public land and said the city should “do everything we can to make this housing 100% affordable.”

Supervisor Yee (speaking as the item’s sponsor) summarized the multi‑year community engagement process and said city staff had retained an independent consultant to produce a feasibility report in accordance with Chapter 29. The board was told the report analyzed a scenario with approximately 1,100 units; Supervisor Yee said she and staff had pushed the project toward a higher affordability level and indicated the deal under negotiation had reached an agreement to target 50% permanently affordable housing on the site, above the 33% floor required by Proposition K.

The board’s formal acceptance of the findings does not commit the city or any other public agency to approve transactions, entitlements or financing terms. Supervisors emphasized that the project must still undergo environmental review under CEQA and that many project details (unit counts, affordability levels, parking, mitigations) remain subject to change through the entitlement process.

The motion to accept the findings passed without objection; the clerk announced the resolution was adopted unanimously.