J. K. Dineen : sfchronicle – excerpt
In 2014 and 2015, Chinese real estate development company Z&L Properties jumped into the California market with a splash, going on a buying spree that would eventually include 12 housing sites in the Bay Area and Los Angeles that, when built out, would yield 3,400 condos.
The portfolio of valuable land — most of the parcels had already been approved for development — included San Francisco sites in the Transbay area, Hayes Valley, Mid-Market and South of Market. It contained four sites in San Jose, including the 643-unit Silvery Towers development downtown and two high-rises with 708 condos on the former Greyhound bus storage yard…
That hasn’t exactly happened. Instead, years after the sites were purchased, none of the projects has been completed, and several have been derailed by lawsuits, cost overruns and building code violations. One project has been delayed because it is no longer economically feasible. Another was started in September 2017 and then construction was abruptly shut down after the site had been excavated. Another has been under construction for five years — three times longer than it should have taken — and still is not finished… (more)
Glad to see people are beginning to get the true picture of the kinks in the housing pipeline. Housing does not go up the day it is entitled. The building process needs a boost after entitlement. The media needs to conduct an investigation into why thousands of entitled units that are not built. We still don’t have a count of empty units in the city or a method of tracking properties that are being flipped once they are entitled.