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