San Francisco Chronicle: Treasure Island low-cost housing cut by shortfall, April 5, 2011
The ambitious development proposed for Treasure Island will have fewer low-cost housing units after the city and developers were forced to rejigger the plan's budget and came up $130 million short.
Roughly 400 affordable units will be cut from the 8,000-unit project and replaced with more expensive, market-rate housing that would bring in more revenue, said Rich Hillis of the Mayor's Office of Economic and Workforce Development.
The $1.5 billion project was thrown into disarray this year when Gov. Jerry Brown proposed eliminating state redevelopment funds, which accounted for a bit less than half the project's financing. But city officials determined they could use an infrastructure financing district, which is essentially a less efficient form of redevelopment, to all but make up the difference.