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Public Comment for 5/29/2024 Special Town Council Meeting Nshostak
Wed 5/29/2024 12:59 PM
To:Diego Ramirez <[email protected]>
Hi Diego,
Following is a public comment for tonight's Town Council meeting. Please attach it to the agenda for this meeting.
1. (Agenda p. 15, #2) On-site parking requirement for residential development.
Please revisit the parking provision for multifamily housing. If the on-site parking requirement does not apply to MF-23 zoning, where will all the vehicles required by residents of dense housing be parked? Most people living in Portola Valley will have at least one vehicle to park at home, and the demand for parking spaces will greatly exceed supply.
This provision in the zoning ordinance implies there will be sufficient on-street parking for overflow parking, which is not the case, particularly along Alpine Road and Portola Road. Developments of at least 20 units per acre and 20% affordable units will take advantage of the density bonus law and by-right waivers to minimize the number of parking spaces provided to residents. The result will be far, far more vehicles than spaces provided.
2. (Agenda p. 16, #4) Change in definition of density.
Please do not change the definition of density to count only developable area. This change will increase the number of parcels available for dense development by excluding portions of parcels that are not suitable for building (e.g., earthquake fault zones and areas of unstable soil). The result will be to place more dense development in areas very close to geologically unsuitable land.
Respectfully submitted,
Nan Shostak
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I recognize that identifying potential sites as affordable housing locations within Portola Valley that may serve as alternative sites to Dorothy Ford Park and Open Space, pursuant to the Sunrise Provisions of the Town’s Housing Element, is a difficult task and appreciate that a subcommittee is attempting to do this, even after many hours of work was put in by an earlier Housing Committee to identify locations for affordable housing within our town. Given the goal of the current subcommittee and the progress to-date, I believe that engaging with a consultant, at best, is premature and, when and if it is appropriate, I’d like to see more specificity in the proposal and a more transparent process in choosing an appropriate firm.
Need for a greater degree of transparency about alternative sites visited or discussed -- while maintaining confidentiality
Before considering engaging a consultant there should be more transparency about the parcels that may serve as alternatives. I appreciate the desire for anonymity, and also believe that more specific information should be shared.
Before spending taxpayer money on a consultant to determine financial and physical viability of ‘theoretical’ sites, a chart should be publicly available listing the 20 sites that have been visited and any additional parcels as part of the 15 that were ‘discussed’. In order to maintain confidentiality they can be described by their characteristics, for example: Parcel 1: Westridge; 2 acres; mostly flat; not constrained by fault considerations; Owner wishes to remain anonymous. And for each, the owner’s interest should be rated as high, medium or low. This will give us a real sense of likely opportunities.
I do agree with the subcommittee’s description of their task (We view our task as creating a shortlist of more likely sites for potential housing that will be evaluated further by an ad hoc committee, and then staff, the Planning Commission and Town Council, as applicable, pursuant to the Town Council’s approved Post-Adoption Plan.) and believe that the chart I’ve described above is an appropriate first step.
Clear understanding of the consequences of using ‘mixed-income affordable housing sites’ as an alternative to Ford Field’s 50 Very Low Income units
“Step 1 of the consultant proposal states: “High-level assessment and evaluation of approximately six potential mixed-income affordable housing sites.” Ford Field is in the HE as providing 50 VLI (Very Low Income) units. Mixed-income sites typically use tenant rents from market- or moderate-rate units to subsidize the development and operations of the lower income units. So if this is what the subcommittee is proposing to investigate, the result will be to have even more density in Portola Valley since a considerable number of higher rate units will be needed to subsidize 50 VLI ones. Do we think those in the town who are already concerned about the density being introduced by this RHNA cycle will be willing to increase density further in order to save Ford Field? Here’s some information about the economics of Very Low Income affordable housing units:
● The Enterprise/Bay Area Housing Finance Authority states that the per unit cost of affordable housing is $825,000 in San Mateo county -- the most expensive in the Bay Area. (It is likely to be higher in Portola Valley due to higher land and building costs and because it is likely to be a lower density project.) ●
● The housing organizations that run local affordable housing developments cite that the monthly operational costs per unit are between $1000 and $1250 (or $12,000 - $15,000/year) as a best case and would likely be higher in Portola Valley due to being farther away from their other sites and again due to lower density. (Even Serra’s projects are in the 100-1000+ unit range which spreads the fixed operational costs over many more units than we are needing to replace at Ford Field.) (For Willow Commons we are estimating $15,000 to $20,000 in operational costs per unit based on advice we sought out and received with the caveat that no one really knows since there have not been any projects here.) ●
● Source: San Jose Mercury News 5/22/24
● Allowable monthly rents for the VLI category in 2023 are:
Studio $1626, 1 BR $1742, 2 BR $2091, 3 BR $2415 4 BR $2695. ● So, after operating expenses and holding some reserves for larger projects (like when a new roof is needed) there will be very little if any free cash flow each month to service the debt of building the project.
● Projects that are 100% affordable (like Ford Field at 100% VLI in our HE) are typically developed by non-profits or are state owned because of the lack of free cash flow to fund its development. Financing these projects usually takes ‘stack’ financing which means that no single program finances the entire development.
Examples of programs that might contribute to the financing are:
○ Section 8 -- these are hard to get and typically only cover some percentage of the project. There is a competitive process to get the funds, the developer loses some control of admission and union labor must be used on the project which can drive costs up.
○ Forgivable county loans or grants -- securing these can be challenging and typically come with restrictions
○ Tax credits - see below the note that states that securing these is subject to a competitive program and often delays the start of construction ■ Each of these funding sources has their own timeframe and competitive process. For some, a project or town can’t compete unless they have prior experience.
○
○ Source:Making It Pencil: The Math Behind Housing Development (2023 Update)
Is Serra proposing that we consider multiple mixed-income developments as alternatives to Ford Field or is the subcommittee suggesting this, and are those making and considering the proposal aware of the increased density that is associated with mixed-income developments?
Concerns about the chosen consultant: Serra Real Estate Capital ● On the homepage of the Serra Real Estate Capital website this is how they introduce themselves: Serra is focused on providing effective and efficient real estate and project finance solutions for corporate, governmental and not-for-profit users. My understanding is that the subcommittee was tasked to identify alternative sites, not be considering financing at this time. I think the consultant in question is a mismatch and will be most familiar with frameworks that align with the solutions that their firm offers.
● “Serra Capital has familiarity with Portola Valley as its representatives have attended Stanford and have operated in the Bay Area.” These days I don’t believe those two data points are enough to claim familiarity with Portola Valley.
● The Serra projects listed in the subcommittee report (with units ranging from 70 to 1600) are all much larger than the 50 units needed to replace Ford Field. With the smallest being a full 40% larger.
● It is unclear to me whether the Serra proposal would require them to engage with one of the town’s approved architects for the section of work (Step 2) that requires an architect. This is important for an accurate assessment of costs (which are much higher here than in neighboring or East Bay cities.)
● The calling out of Serra’s expertise with the credit tenant lease program raises the alert to me that they will be counting on the higher level tenant rents of additional units to cover the subsidization of the 50 VLI units for which we are trying to identify alternative sites.
An alternative
I am in full agreement with a statement from Rebecca Flynn that I read today on the PV Forum:
“The Town Planning Staff has committed to provide affordable housing developers with monthly meetings to discuss their properties. They can provide information about earthquake fault zones, Williamson act cancellation fees, development restrictions, current allowable units as well as give a perspective on potential upzoning changes. Individual members as well as the entire ASCC stand available to discuss ideas at conceptual stages prior to expensive engineering and architectural plans. The ASCC and PC would be the ideal group in Town working with the Planning Department to come up with the Site Feasibility Framework instead of using outsiders with no knowledge of Portola Valley”
I’m also aware of local sources that are knowledgeable about affordable housing, local building costs, allowable monthly rents, and operational budgets, and may be willing, if approached, to share their expertise.
I began this note stating that I believe engaging with a consultant at this time is premature.
An additional reason for this is that recent outreach, spurred by curiosity, to three of the large property owners in town to see if they had been contacted by the subcommittee resulted in my learning that none of them had been.
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