San Francisco Mayor London Breed and Supervisor Rafael Mandelman on Tuesday announced city officials are in negotiations to purchase a Market Street building, to be converted into affordable housing.
The project at 1939 Market St., in the city's Mission Dolores neighborhood, would provide 100 percent permanently affordable housing and would likely serve low-income seniors, according to the Mayor's Office.
"Projects like 1939 Market Street are exactly why we fought for affordable housing in the budget and why we passed the Affordable Housing Bond," Breed said in a statement.
"We need more affordable housing throughout San Francisco so that our low- and middle-income residents can continue to live here and I'm looking forward to seeing this housing development in the Upper Market area provide new, affordable homes so that our seniors can continue to live in San Francisco and age with dignity," she said.
Mandelman, whose supervisorial district includes the neighborhood, said, "District 8 has experienced the second highest level of displacement of all districts over the last decade but has seen little new affordable housing built during that time"
He added, "I am grateful to Mayor Breed for her commitment to ensuring that LGBTQ seniors at high risk of eviction can remain in the Castro."
Mandelman, along with Breed, introduced a resolution to approve the site's acquisition during Tuesday's Board of Supervisors' meeting.
If approved, the city would purchase the property with money from the Educational Revenue Augmentation Fund. In addition, funds from the November 2019 Affordable Housing Bond, or Proposition A, would be used to build the homes.
The new development will be part of a neighborhood preference program, prioritizing between 25 and 40 percent of the units for people already living in the district, or within half a mile of the site.
"This particular project won't come close to meeting the need for queer-affirming senior housing, but it is an important step along with way and we just need to keep doing more of it," Mandelman said.