Key facts
- A plan to redevelop the Caltrain railyard in San Francisco could create up to 5,834 new homes.
- The project, led by Prologis, would involve moving rail tracks underground and building a new station hall.
- San Francisco has experienced a 14.3% rent growth in the third quarter, with median two-bedroom rents reaching $6,340.
- The median sale price for a San Francisco home is approximately $1.5 million.
- State regulators aim for 82,069 permitted homes by 2031, with fewer than 10,000 permitted as of last year.
San Francisco planners have initiated environmental review for a project that could transform the Caltrain railyard into a high-rise neighborhood, potentially adding up to 5,834 homes. Private developer Prologis is spearheading the 18.6-acre development, which includes moving rail tracks underground and constructing a new station hall. Two project versions are being considered: one maximizing housing at 5,834 units, and another reducing homes to 1,765 units while adding 5.6 million square feet of commercial space. The project aims to address San Francisco's severe housing shortage and soaring rental and home prices, with median two-bedroom rents reaching a record $6,340 in September and the median home price around $1.5 million.