San Franciscans interested in affordable housing will be disappointed to hear this latest news in the movement for cost-cutting group housing solutions.
Campus, the housing initiative that controlled 30 small apartment buildings and townhouses in order to fashion WeWork-style residences, has folded.
SFist reported the content of an email sent by Campus Founder/CEO Tom Currier.
“Very sadly…we were unable to find ways to make Campus into an economically viable business…We are shutting down all non-vital company operations so that we can use our remaining funds to support house lease costs until August 31…We will remove all furniture from our houses and return the properties to our landlords after our properties are vacated.”
“The decision to close Campus was the most difficult decision of my life,” Currier told San Francisco Business Times reporter Cory Weinburg.
“Words cannot express how sorry I am for the problems this may cause for our members.”
With Campus down and out, all eyes are on Riaz Taplin, the principal and founder of the luxury condo development company Artthous. The developer is betting big on tiny apartments and recently proposed a 131-unit group housing apartment in the Mission District and 36-unit group housing apartment building in the South of Market neighborhood.
According to the San Francisco Business Times, both buildings will target young, single people with units under 200 square feet and shared kitchens.
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