Fifteen percent of its residential units would be dedicated to 'very low-income' housing.
According to planning documents, the project, 620 Folsom St., would offer 826 residential units and sit just blocks away from Salesforce Park, the Embarcadero and the Bay Bridge. “Hovering above SOMA like a subtle glowing lantern, the building’s cubic form reflects a design that is both unique and expressive of its time, but also complementary to its historic Bay context,” the description says.
The 54th floor would be transparent, creating the illusion that the floors above it are floating, theWhile the tower is supposed to help provide much-needed housing, it’s not clear how much each unit would cost. If approved, it would offer 118 studio units, 118 one-bedroom units, 472 two-bedroom units and 118 three-bedroom units, though just 15% of them will be “very low income” .
Meanwhile, the Bay Area might be experiencing the most severe housing crisis out of all U.S. metro areas.
In the 1970s, permitting of housing units slowed and continued to decline over the following decades."There has been a particular mismatch between employment growth relative to the housing supply," the plan said.
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