As San Francisco sees an injection of wealth via the artificial intelligence boom, rent and home prices have soared. That’s not just in the city but also in Oakland, where an affordability crisis is brewing. In San Francisco, the median cost of a one-bedroom unit has skyrocketed 22.9% in the past year to $4,180, with two-bedroom units rising even higher to $6,020 (a 25.9% leap). However, there is a nugget of good news amid the city’s new boom loop.
Ground just broke on a new housing development that aims to help combat the skyrocketing rents, specifically serving San Francisco’s artist communities. Located on 1687 Market St. at the former site of the McRoskey Mattress Company headquarters (built in 1925), the $140 million, 17-story development is set to provide 94 affordable apartments specifically for artists, plus rehearsal spaces, offices and an 88-seat theater. It is a collaboration between two nonprofits, Mercy Housing and Artists Hub on Market — the latter was created by SFJazz founder Randall Kline and also serves as the name for the project. The two nonprofits are supported by the Pacific Union Development Company.
Artists Hub on Market, slated to be the first artist-centric building of its kind in San Francisco, was funded partially by an anonymous $100 million donation, and per its website, “no local public funds” will be needed for the project.
“Great cities have great arts and culture scenes. San Francisco’s future depends on artists and cultural creators being able to make their home here, which is why I am so excited about 1687 Market and the possibility of more such developments,” Rafael Mandelman, the president of the San Francisco Board of Supervisors, in a news release…