Over 25 years ago San Francisco voters
passed Proposition M, the purpose of which was to control the growth of large scale office buildings by placing a cap on how much could be developed each
year - and thwart what some viewed then (and still do now) as the Manhattanization of the City.
Basically, every year 875,000 square feet is allotted for the development of large scale office buildings. To the extent less than this “cap” is developed the unused amount carries forward. During the last recession the stockpile of square footage available for large scale office use grew to 5.1 million square feet. That was circa 2012 – two years later the stockpile has shrunk to about 2 million square feet. Currently, per the Planning Department pipeline there are projects which cumulatively total nearly 7.5 million square feet.
Basically, every year 875,000 square feet is allotted for the development of large scale office buildings. To the extent less than this “cap” is developed the unused amount carries forward. During the last recession the stockpile of square footage available for large scale office use grew to 5.1 million square feet. That was circa 2012 – two years later the stockpile has shrunk to about 2 million square feet. Currently, per the Planning Department pipeline there are projects which cumulatively total nearly 7.5 million square feet.
So what does this all mean? It means that soon (a)
the Planning Department will have to selectively choose those projects that
will proceed (b) as long as demand keeps up office rents will continue to
escalate (c) if office rents continue to escalate it will drive some businesses
to locate outside the City. And while demand for office space remains
strong in San Francisco, the need for more residential development is strong too. Look, we only
have about 49 square miles to play around with in the City. Right now there are more companies that want
to be here and more people who want to live here than can be accommodated.
I’m always looking for solutions to problems and I might just have it! Did you know that what we now know as San Mateo County, or “the Peninsula” was until 1856 part of San Francisco? The reason for the split was due to the lawlessness, corruption and vigilantism had been escalating here. Well, I’m thinking now those problems have been solved it’s time to consider re-annexing San Mateo County. By doing this we will have only just about doubled our resident population – but we will have expanded our land by almost ten-fold! And then everyone will get to say that they live and work in San Francisco! And if the "cap" of which I speak doesn't interest you, never mind it. But you might want to Mind the Gap (band, that is)
I’m always looking for solutions to problems and I might just have it! Did you know that what we now know as San Mateo County, or “the Peninsula” was until 1856 part of San Francisco? The reason for the split was due to the lawlessness, corruption and vigilantism had been escalating here. Well, I’m thinking now those problems have been solved it’s time to consider re-annexing San Mateo County. By doing this we will have only just about doubled our resident population – but we will have expanded our land by almost ten-fold! And then everyone will get to say that they live and work in San Francisco! And if the "cap" of which I speak doesn't interest you, never mind it. But you might want to Mind the Gap (band, that is)
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