Los Angeles, CA (PRWEB) August 07, 2012
A new article in The Los Angeles Times reports that San Francisco lawmakers aim to preserve the city’s limited supply of rental housing options for permanent residents. The city recently passed a law hoping to inspire developers of student housing to build by excluding them from pricey builder’s fees. California-based Realtor Jack Hipolito Fernandez is not surprised by the city’s attempt to increase the affordable living options for its residents.
“San Francisco is in the middle of a major student housing crunch that needs a permanent solution,” Jack Hipolito Fernandez stated. “We have definitely seen a reduction lately in rental property available for residents of the city. Builders are going to need more incentive from the city to develop affordable housing options.”
Tim Colen, executive director of the San Francisco Housing Action Coalition says developers and universities have been meeting for nearly five years in an attempt to find a solution. “We should remember that there’s still a huge pressing shortfall of beds for students in San Francisco,” Colen states. “Our de facto housing policy for students is Craigslist.”
Jack Hipolito Fernandez agrees with Colen. “The development of more student housing is long overdue,” comments Fernandez. “But the housing options available to city residents are also limited. The legislation needs to approve options for student-only housing.”
The choice to ban the conversion of rentals for student housing was bought on in part by the private university, the Academy of Art University. This for-profit institution bought a number of rentals after several years of skyrocketing enrollment. The school hoped to convert the rent-controlled buildings into student dorm rooms without the need for city permits.
The shortage of housing has increased the average cost of living for San Francisco renters. Jack Hipolito Fernandez hopes to see academic institutions taking more responsibility for their students as well as the city’s permanent residents. He suggests schools find a way to offer their students housing without taking away options for permanent San Francisco residents.
Jack Hipolito Fernandez is a partner and realtor at HF Realty. After earning his business degree from California State University, he began work at his family’s real estate company specializing in commercial and residential property. Fernandez has been tapped to take over HF Realty after his parents retire. Jack Hipolito Fernandez is committed to educating consumers on how to find their dream homes.