Mayor Lee’s Statement On Historic Votes on Treasure Island & Parkmerced
Mayor Edwin M. Lee today issued the following statement on the Board of Supervisors’ approval of two historic projects in San Francisco – Treasure Island/Yerba Buena Island and Parkmerced:
“The smart development plans for Treasure Island and Parkmerced provide benefits for all current and future residents of San Francisco — creating jobs, much needed housing, parks and open space, enhanced transit and growth of communities in our City’s storied neighborhoods. Treasure Island and Parkmerced create hope for families who want to stay in San Francisco and will be a boost to our City’s long-term financial health.
I applaud the leadership of the Board of Supervisors, in particular Supervisor Jane Kim, who spearheaded efforts to enhance affordable housing in the Treasure Island/Yerba Buena Island project, which passed unanimously this evening. The project will create 8,000 new homes, with a special emphasis on housing for homeless or formerly homeless families and individuals through our unique partnership with the Treasure Island Homeless Development Initiative. The project is estimated to generate 2,000 construction jobs annually and 3,000 permanent jobs, of which 50 percent are targeted for San Franciscans and 25 percent are targeted specifically to low income or formerly homeless San Franciscans.
Before the Parkmerced project, the West side of our City had not seen this kind of housing growth and density for over 50 years. Thanks to the stewardship of Supervisor Sean Elsbernd and the integral role of Board President David Chiu in protecting tenants’ rights, Parkmerced will now add 5,700 new homes, replace over 1,500 units of aging housing with new rent-controlled replacement units, generate over $500 million in community benefits. The Parkmerced project will generate 35,000 jobs during construction and generate $17 million in surplus annual revenue to the City at build-out.
I want to commend all the members of the Board of Supervisors for thoughtfully considering these two sensible and smart urban development plans, and ultimately approving both projects for the working families and future of San Francisco.”