Tag: “below market value property”

WTF is a BMR? Below Market Rate units in San Francisco

“Affordable” condos in San Francisco? San Francisco’s Inclusionary Housing Below Market Rate (BMR) Ownership Program requires residential developments with 10 or more units to avoid hefty fees by providing 12% of their units on-site or 20% of their units off-site as affordable to low- to moderate-income households. According to the Mayor’s Office of Housing & Community Development, this program is meant to “maintain income and cultural diversity”, but critics of the program suggest it actually subsidizes upper-middle-class homebuyers

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