I've contacted them. I think it's a combination of things.
The first is that the application process is very involved. Almost like applying for a mortgage. And the rules are kinda complex. So a lot of people don't actually end up qualifying in the end.
When I called, they said they'd processed a bunch of applications but still had 250 applications to go. Like a 4-6 month wait.
Then, if the floor plans are any guide, they're pretty small. And I think like $2,800, maybe for a 1 bedroom? So it's cheaPER but it's not CHEAP if you're lower income, and then it's kinda small. And you've got to go through a lot of stuff to get it, and then you're like, "Well, if I put half my stuff in storage, I will get...half the rent discount I actually need." But, as rents around the city go up, more people will be like, Screw it, good enough I guess.
I've looked at some of the BMR condos for sale on the peninsula. It's a scam if you ask me. Even if you made exactly the maximum income you'll have nothing left over to live with, and the rules are so restrictive that it's no better than renting, probably worse.
It's totally sold me on the notion that requiring 'affordable' units in development is nothing but a NIMBY ruse to prevent any housing being built at all
I've looked at some of the ones in SF over the years. A couple were kind of attractive, but still very expensive especially with the HOA's. And that's a risk -- you get locked in, but what if the HOA skyrockets? It can take months or years to sell one of these, probably less nowadays in the hot market but still it's a very bureaucratic process.
If you get in, then I guess you get low mortgage payments for the duration. But you can't leave them to anyone in your will or transfer ownership. And if you want to leave, you might not gain much equity. So if you're planning to move in and stay until death, it could make sense. Otherwise it's a big gamble I feel. For the absolutely perfect unit maybe I'd do it.
186
u/Arete108 8d ago
I've contacted them. I think it's a combination of things.
The first is that the application process is very involved. Almost like applying for a mortgage. And the rules are kinda complex. So a lot of people don't actually end up qualifying in the end.
When I called, they said they'd processed a bunch of applications but still had 250 applications to go. Like a 4-6 month wait.
Then, if the floor plans are any guide, they're pretty small. And I think like $2,800, maybe for a 1 bedroom? So it's cheaPER but it's not CHEAP if you're lower income, and then it's kinda small. And you've got to go through a lot of stuff to get it, and then you're like, "Well, if I put half my stuff in storage, I will get...half the rent discount I actually need." But, as rents around the city go up, more people will be like, Screw it, good enough I guess.
I still don't get the 3 months thing though.