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Board delays Treasure Island financing district after officials cite $380 million affordable-housing gap
Summary
The San Francisco Board of Supervisors continued action on a package of resolutions to create infrastructure and financing districts for Treasure Island and Yerba Buena Island after City staff and the Treasure Island Development Agency reported a roughly $380 million shortfall to meet affordable-housing commitments.
The San Francisco Board of Supervisors on Oct. 25 voted to continue consideration of a package of resolutions to create an infrastructure and revitalization financing district (IRFD) and related financing measures for Treasure Island and Yerba Buena Island after staff described a financing shortfall for the project’s affordable-housing commitments.
Why it matters: The board said it wants a clearer, written plan showing how the city and developer would close a multi-hundred-million-dollar gap before the resolutions proceed. The items were continued to the Nov. 15 meeting to allow additional analysis and written materials from the Mayor’s Office of Housing, the Office of Public Finance and the Treasure Island Development Agency (TIDA).
Bob Beck, director of the Treasure Island Development Agency, told supervisors the development financing picture has changed since the plan’s 2011 baseline. “We currently have a gap of around $380,000,000 and, [we are] looking at all measures that we can to…
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