Even with apartment rents near record highs, rising construction costs and city fees are slowing down housing development around the Bay Area. In San Francisco, 4,500 new units were completed in 2017, down 14 percent for the year. Completions are expected to fall further based on the pipeline.
Garrett Frakes, partner at brokerage Polaris Pacific, said the entire Bay Area is becoming unattractive for development.
“Capital will move to other markets. It’s very fluid. It doesn’t have to sit…
