A new fee would add an estimated 6 percent to the cost of building new office space in San Francisco, yet not many from the business community resisted the new costs.
"[I]n San Francisco, which has seen jobs grow 38% since 2010, legislation to double a fee on office development over the next few years breezed through the legislative process, winning unanimous support on Tuesday from the Board of Supervisors," reports J.K. Dineen.
"The increase in the one-time fees creates an additional $170 million for affordable housing, for a total of $385 million over the next five to seven years," according to Dineen.
The legislation didn't meet much resistance, despite predictions by City Economist Ted Egan that the fee would cost the city in job creation capacity, because of the intense need for affordable housing in the city.
FULL STORY: New SF fee on office buildings to pay for affordable housing sails through
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