Most of the 495 new homes planned to replace a downtown San Francisco parking lot would be rented out to higher-earning households, but the massive and highly politicized project would neither significantly fuel displacement nor drastically accelerate gentrification of the surrounding neighborhood, according to a revised environmental study released this week.
The 27-story tower is set to include three underground parking levels, as well as 4,000 square feet of ground-floor retail uses and roughly 30,000 square feet of private and common open space. The rental rates for the project's 422 market-rate units have not been set, but are expected to range between $3,350 to $4,350 per month — and would likely increase the number of above moderate-income households, or those earning at least $150,000 annually, in the surrounding area by about 400 households. The report acknowledges that this addition"could intensify gentrification pressures in the surrounding area," but states that income levels would"not shift substantially.
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