On October 25, the California Department of Housing and Community Development (HCD) told the city of San Francisco to take actions or risk de-certification of their Housing Element of the General Plan. De-certification would leave San Francisco open to financial penalties and lawsuits from the state Attorney General, allow builder's remedy projects, and would make the city ineligible for state housing and transportation funds. 

According to the San Francisco Chronicle, HCD will send a warning letter next week (commencing November 27, 2023), giving San Francisco 30 days to come into compliance.

https://www.sfchronicle.com/sf/article/s-f-housing-deadline-california-18504255.php

This market resolves YES if HCD de-certifies San Francisco's housing element by Monday, January 1 (Pacific time).