SAN FRANCISCO (CBS/AP) — San Francisco supervisors are expected to vote on a plan that would suspend the development of luxury condos in a neighborhood that’s come to symbolize urban displacement.
The 45-day moratorium would affect two dozen projects in the city’s Mission District, which has witnessed skyrocketing prices amid a technology jobs boom.READ MORE: Slow Recovery Prompts Businesses to Rethink Their Future in Downtown San Francisco
A one-bedroom flat can easily rent for more than $3,300 a month, and two-bedroom condos are listed for nearly $5,000.READ MORE: Gunman Kills 8 In Indianapolis FedEx Workplace Mass Shooting
Supervisors will vote on the ordinance Tuesday afternoon. It faces steep odds, as it needs nine of 11 votes to pass.
Supervisor David Campos, the plan’s chief sponsor, says a time-out will give the city room to purchase property and develop affordable housing units.MORE NEWS: South Bay Restaurants Raise Money for Anti-Hate Efforts Supporting AAPI Community
Supervisor Scott Weiner is opposed, and says the way to affordable housing is to increase construction.