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Originally Posted by simms3_redux
Anyone know what Millennium Partners picked up the land for? Either way, considering these are luxury condos and a significant portion of the investment is a public gift, the developers only have a couple hundred units to make their money, if that, depending on the allowed height. I'm starting to get the picture of SF NIMBYism and it's pretty extreme. Seriously, what is the difference between 480', 520' and 550'?? Also, SF developers are already forced to contribute more than I have ever heard of to the city. It's almost as if developers are doing charitable work, but making money at the same time. The impact fees, the public spaces, the donations to various charities and community groups, etc all add up to a heft portion of proceeds. Neighbors and commissioners should not be complaining or over penalizing the developers considering that they already demand an arm and a leg and a kickback and a pot of gold just for the ability to allow a private entity to build something new on a site.
As has been stated, consider that without these developers the planners' dreams of housing all of the increased employment beneficiaries and the retail and the cleaning up of the streets would be nonexistent. The plans that the city puts forth would never come to fruition. Of course the minute that any barriers to entry via regulations/NIMBYism are relaxed, those who paid thousands of dollars a land foot for entitled parcels will scream UNFAIR as land prices come down due to greater ease of development.
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EXCELLENT post simms, thank you for being a voice of reason. The extent to which SF demonizes and extorts from private business never ceases to amaze me. It's almost as if they won't be satisfied until they succeed in killing the Golden Goose that feeds all of their pet projects.
And before anyone rushes in to point out how much SF is booming right now please don't bother, whatever growth happens in this town is absolutely IN SPITE OF all the artificial hurdles the city government creates and is simply a testament to how unique and desirable San Francisco is, independent of the ill-advised "progressives" who run it.