San Francisco must submit a document to the state that demonstrates it has the capacity to build 82,069 homes by January 31, 2031. You can read more details here: https://www.sfhousingelement.org/about-housing-element
The first draft plan was rejected on August 8. San Francisco submitted a fourth draft which you can read here: https://sfhousingelement.org/draft-4-goals-objectives-policies-and-actions
It takes HCD 60 days to review drafts; they can move quicker with political pressure but rarely do.
If it does not have a compliant Housing Element by January 31, 2023, San Francisco will be subject to the "builder's remedy" which allows unlimited density on any parcel in the city.
Separate to this, in August 2022 HCD announced its first ever "policy and practice review" of San Francisco's process for approving new housing. https://www.hcd.ca.gov/about-hcd/newsroom/state-announces-new-review-san-francisco-housing-policies-and-practices
Two steps need to take place to get a compliant Housing Element:
City needs to "adopt" the draft document
HCD needs to certify the housing element.
The market will resolve on the second of these events, whichever comes later.
If SF does not have a compliant Housing Element on January 1, 2024 the market will resolve in favor of Option 5.
edit Option 5 should read "After January 1, 2024" it was a typo. Sorry.
1,000🏅 Top traders
| # | Name | Total profit |
|---|---|---|
| 1 | Ṁ67 | |
| 2 | Ṁ20 |
SF voted to adopt the Housing Element yesterday, January 31, and HCD certified the Housing Element today, February 1. https://www.gov.ca.gov/2023/02/01/governor-newsom-announces-certification-of-san-franciscos-plan-for-82000-homes-in-the-next-eight-years/