The analysis found a significant difference in cost depending on a project’s location. In the San Francisco region, the average cost per unit was $406,000, more than twice the amount to develop a unit in the state’s Capital and Northern Region.
The study also looked at how the costs of developing affordable housing compared with market-rate projects. The market-rate projects for which the team had data were larger and more likely to be built in one of the higher-cost regions. They were more expensive per unit ($300,750 per unit as compared with $287,932 for affordable projects) but slightly less expensive per square foot ($281 compared with $288 per foot for affordable projects).
Affordable housing is characterized by economies of scale—Larger projects generally costs less per unit than smaller ones. The studied found for each 10 percent increase in the number of units, the cost per unit declines by 1.7 percent
Introduced by Rep Ryu (D-32) from Shoreline
The biggest rent decreases were mostly in the popular Seattle neighborhoods that are getting the most new apartments. Rents dipped more than 6 percent compared with the prior quarter in First Hill, downtown Seattle, Belltown, South Lake Union and Ballard, along with Redmond and the Sammamish/Issaquah area.
“The rules approved on Monday require operators of short-term rentals to obtain licenses and places limits on the number of units they can list with short-term lodging services like Airbnb. New operators will be limited to listing their primary residence and one additional unit.”
“For now, San Diego again is turning to tents. …this month, officials are opening three industrial-sized tents that will house a total of 700 people.”