Binh deong is one of many developers who are taking advantage of the city’s low vacancy rate.
The project, to be built on a 1.2-acre plot of land next to the old Alameda BART station, is one among a slew of development projects that have emerged in San Francisco since November, when voters passed a measure to allow developers to build as many affordable housing units as they want in the city.
BinH Duong says his project, on the site of a former bus depot, is aimed at addressing the citys housing crisis, as well as a lack of affordable housing, among other issues.
The company said it is offering an average of two-bedroom units for less than $900,000 per unit.
BinDong is also seeking to bring its project to San Francisco from China, which is one part of a broader push to expand its footprint into the United States, according to an announcement by the company.
The citys vacancy rate is one-tenth of the national average, which has been rising steadily since the mid-1990s, according the California Department of Housing and Community Development.
It is one point lower than the national median and four points lower than San Francisco’s overall vacancy rate, according data compiled by Real Estate Economics.
Forbes ranked San Francisco among the 10 cities with the worst housing market.