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Supervisors press Sequoia after tenants plead to preserve 737 Post Street affordable units
Summary
At a Feb. 2, 2017 hearing, tenants, educators and advocates urged the Board to keep BMR units at 737 Post Street affordable after Sequoia Equities signaled it would end participation in the affordability program; Supervisor Aaron Peskin asked Sequoia to negotiate and moved to continue the hearing for further negotiation and possible legal options.
The Government Audit & Oversight Committee took public comment Feb. 2, 2017 on transition plans for below-market-rate (BMR) units affected by Sequoia Equities' upcoming withdrawal from a low-income housing program. Vice Chair Supervisor Aaron Peskin convened public testimony ahead of a presentation to allow tenants who had come early to speak.
Dozens of tenants, community leaders and union representatives described the risk of imminent displacement at Tower 737 Post Street after notices that could raise rents by roughly $700 and otherwise remove BMR…
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