Lennar’s Prop G: A Vision or a Mirage?Randy Shawbyline‚ May. 05‚ 2008As early voting for the June 3 election begins, the Lennar Corp. is flooding the airwaves and mailboxes on behalf of its ballot initiative to acquire and rezone key portions of Bayview-Hunters Point. Lennar’s chief argument is that planning for Bayview has gone on for years without producing development, and that this initiative is essential to jumpstart progress. It’s an attractive argument---so long as one ignores Lennar’s recent history in Bayview, the lack of public process around its initiative, and the fact that these very same claims were used to justify the creation of the Bayview-Hunters Point Redevelopment Area less than two years ago. But the biggest problem with Lennar’s vision is this: with market conditions delaying real estate development in Bayview, and Lennar requiring an unusually high 20% profit margin, there is virtually no chance that this troubled national company will start building housing anytime soon. Why then should voters bind themselves to a development plan that won’t be implemented for years, if ever? |