Focus
Investors and bond-rating analysts are working to quantify risks from climate change
Urban Land – September 20
Real estate investors and analysts who rate local government bonds already are grappling with how to evaluate the future risks from rapid climate change, panelists said at ULI’s 2019 Resilience Summit, part of the Fall Meeting in Washington, D.C. For example, Leonard Jones, managing director of the public finance group at Moody’s, said that investors increasingly want to know the details of how companies calculate such risk. As a result, Moody’s is producing more research and doing outreach as well. Moody’s looks at climate change both in terms of trends, such as sea level rise and temperature increases, and “climate shocks,” such as tornadoes, droughts, wildfires, and other events that may increase in frequency and severity in the future. A Moody’s survey of 30 U.S. cities showed that 59 percent already have a climate change action plan in place, and by the end of the year that number will climb to 82 percent. The cities are investing $47 billion in 240 different climate-related projects, he said. Going forward, cities that lack the resources to invest in climate remediation may see their credit ratings decline as a result, Jones said.
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News
San Diego mayor vetoing controversial proposal to require developers to build more low-income housing
The San Diego Union-Tribune – September 17
Mayor Kevin Faulconer said that he will veto new city regulations focused on requiring housing developers to build more low-income units, siding with the local business community over labor leaders and other supporters of the new policy. The mayor’s announcement last week came a few hours after the San Diego City Council voted 5-4 to finalize its approval of the regulations, which the council previously approved July 30 by the same tally. The proposed law would require developers to reserve 10 percent of units in every project for people making 50 percent of the region’s median income or less, but the law would provide multiple alternative ways to comply with that requirement. The city’s existing policy requires developers to make 10 percent of the units in a housing project affordable to families making 65 percent of the median income, so the proposal would drop that to 50 percent.
Construction of controversial S.F. Embarcadero Navigation Center to continue after judge denies injunction
NBC Bay Area - September 23
Construction of the controversial San Francisco Embarcadero Navigation Center can continue after a San Francisco Superior Court judge denied a call to temporarily halt development of the 200-bed facility. Residents who oppose the center filed a lawsuit requesting a stay and injunction to stop the city from building the temporary homeless shelter. The group who filed the lawsuit, Safe Embarcadero for All, claims the city failed to seek necessary approval from the State Land Commission.
San Diego County offering free, pre-approved housing plans for ADUs
KPBS – September 25
San Diego County is now offering free, pre-approved floor plans for accessory dwelling units (ADUs), also known as granny flats, officials said this Wednesday. The county has posted two permit-ready, no-cost floor plans that are sized at 600 and 1,200 square feet. Other floor plans will be added in coming weeks. County officials are promoting ADUs as one way to close the affordable housing gap and help low-income seniors, veterans, and others who may be at risk for homelessness. Earlier this year, the county also waived $15,000 in permit and development fees for the units.
Emeryville may scrap parking requirements for all new buildings to discourage car use
East Bay Times - September 20
In an effort to encourage people to ditch their cars, Emeryville may scrap a long-standing requirement that developers provide ample off-street parking spaces for their buildings — if any at all. Last Tuesday, the Emeryville City Council called for an ordinance by the end of November that would do away with minimum parking mandates for all new buildings throughout the city. The ordinance would align Emeryville with San Francisco and Minneapolis, which eliminated their minimum parking requirements citywide last year. Although it did not go that far, Oakland in 2015 stopped requiring parking for new buildings downtown and near BART stations.
San Francisco’s newest subway may emerge on the west side
San Francisco Examiner – September 14
San Francisco’s sleepy west side, from the Richmond District to Parkmerced, is often characterized as the city’s suburb, replete with one-story homes, slow-rolling fog, and many, many, many cars. But that may change. Someday, it could be home to the city’s newest underground rail extension. San Francisco is exploring plans to dig a new subway tunnel between West Portal and Parkmerced and also south out to the Ingleside neighborhood, after roughly $960,000 to finish a study of the project was accelerated by Board of Supervisors President Norman Yee in mid-September.
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