San Francisco wants to halt luxury condos

San Francisco leaders to vote on luxury condo moratorium

A street sign hangs outside a new apartment building on Mission Street, Tuesday, June 2, 2015, in San Francisco. Finding a place to live has become so expensive and emotional that city supervisors are considering a 45-day moratorium on luxury housing in the Mission District, which has long been one of the most diverse neighborhoods in the city. (AP Photo/Eric Risberg)

SAN FRANCISCO (AP) – San Francisco supervisors are expected to vote on a plan that would suspend the development of luxury condos in a neighborhood that’s come to symbolize urban displacement.

The 45-day moratorium would affect two dozen projects in the city’s Mission District, which has witnessed skyrocketing prices amid a technology jobs boom.

A one-bedroom flat can easily rent for more than $3,300 a month, and two-bedroom condos are listed for nearly $5,000.

Supervisors will vote on the ordinance Tuesday afternoon. It faces steep odds, as it needs nine of 11 votes to pass.

Supervisor David Campos, the plan’s chief sponsor, says a time-out will give the city room to purchase property and develop affordable housing units.

Supervisor Scott Weiner is opposed, and says the way to affordable housing is to increase construction.

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