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Friday, June 3, 2011

Parkmerced Will Boost S.F. Economy By $400 Million, City Says

Posted By on Fri, Jun 3, 2011 at 2:15 PM

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Plans to rebuild the Parkmerced neighborhood will boost the size of San Francisco's economy by $400 million, the city controller says.

According to the report:

The combined impact of the construction activity, reduced housing prices, and reduced commercial rent will be to increase employment in San Francisco by nearly 2,000 jobs by 2032, and to increase the size of the city's economy by $400 million. Most of this growth will not occur in the Parkmerced area.

That's because of the felicitous effect on San Francisco's overall housing supply of 5,700 new apartments. It's popular among local NIMBY kibitzers to claim that supply and demand have no role in the housing market. Economically speaking, however, that's poppycock.

And additional apartments at Parkmerced could lead to more affordable rents elsewhere in the region. In turn, residents have more money to spend on food, clothing, recreation, and other economically stimulative activities. Resulting lower housing costs contribute to a virtuous cycle of growth, the report explained.

According to the report:

Lowering housing prices increases consumer incomes, indirectly reduces labor costs, and makes San Francisco a more competitive business location.

In helping to contain the expected future growth in housing prices, the project will reduce what residents pay for housing and what businesses will have to pay for labor.

The redevelopment of the neighborhood and its economic impacts, will also expand the property, payroll, and sales tax revenues of the city in the long term.

Those are ample reasons to get this project moving.

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Matt Smith

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