1979 Mission Street, the largest proposed development in the Mission by Maximus Real Estate Partners, has been knocked down before construction could even began.
While the city is in dire need of housing — both market rate and affordable — 331 units are now eliminated from the city’s housing pipeline. Maximus proposed to list units between $280,000 to $300,000, a deal by San Francisco market rate standards.
According to an article by Carl Finamore in Counter Punch, Maximus invested nearly $8 million in the 1979 Mission Street development, but the group missed a contract deadline and came into conflict with the landlord, Jang Family Trust. That strained relationship, coupled with community opposition, contributed to its cancellation. From the Counter Punch article:
Dubbed very effectively by activists as the “Monster in the Mission,” the luxury plan took a drubbing in public opinion. Why?
Because none of the premier accommodations would have been affordable for low and middle-income local residents who currently face, according to the Plaza 16 coalition, “soaring rents, increasing evictions and an onslaught of high-end housing.”
Indeed, momentum is building for the Mission Moratorium on the November ballot, a measure that proposes halting all non-affordable housing developments in the neighborhood for at least 18-months.
In a few months, San Francisco will soon see what becomes of market rate development in the Mission. The affordable housing saga continues.