Builders Trade Luxury Condos for No-Frills RentalsJ.K. Dineenbyline‚ Jul. 01‚ 2009The following was first published in the SF Business Times on June 26th. San Francisco residential builders are getting back to basics. Gone are the lap pools, spas and 50th-floor penthouses. Gone are the walnut cabinets, marble bathrooms and built-in wine coolers. Instead, developers with the intestinal fortitude to build in this market are focused on rental housing. They are looking at units that are market-rate yet affordable by design. And some are seeking help in the form of federal stimulus money or Federal Housing Administration-backed loans. |