$600 Monthly Rent

Chevron Senior

Market Street

Housing initiative 

 

 

Given that

525-575 Market Street 

in San Francisco 

was valued by

Paragon property

at $1

in March 2024,

is centrally located 

and near major public transit, 

it would qualify 

for the Biden office-housing conversion program. 

 

The building's

large floor plates 

and proximity to transit 

make it a candidate 

for conversion

into senior housing, 

benefiting from federal support 

or tax incentives under this program. 

 

The plan outlined, 

with private rooms 

and communal spaces, 

aligns well 

with the goals of the program 

to create livable and accessible 

residential environments 

in repurposed office buildings.

 

Providing $600 per month rent 

for seniors in San Francisco 

is ambitious and transformative, 

especially given the city's 

notoriously high cost of living. 

 

San Francisco

has a significant 

and growing population 

of elderly residents 

at risk of homelessness 

due to skyrocketing rents 

and fixed income,

and diminished savings value 

due to inflation 

sparked during Trump economic 

and foreign energy policies,

favoring gulf and Arabian interests 

especially over domestic regions 

in Wyoming, Montana, etc. 

 

Here are strategies 

that help 

make this policy a reality:

 

Office to Residential Conversion

program initiated 

by the Biden administration

in mid-2023. 

 

This program is part 

of a broader effort 

to address the housing crisis 

by encouraging the conversion 

of underutilized 

or vacant office buildings 

into residential units, 

especially in urban areas 

where office space demand 

has decreased post-pandemic.

The program aims 

to streamline regulatory processes 

and provide financial incentives 

for developers 

to convert

office spaces 

into

affordable housing, 

for seniors

and elderly low-income residents. 

 

By doing so, 

it helps

increase housing supply 

in areas with high demand 

while repurposing 

commercial real estate 

that may

otherwise remain empty.

​

Scalability:

 

This mixed-use model 

can be adapted and scaled 

across multiple floor plates 

and buildings, 

a replicable model 

for affordable senior housing 

in urban areas.

​

St. Mary's Office Building

by Chinatown

is another potentially good candidate

for very low cost senior housing.

 

Implementation Considerations

 

Legal and Regulatory:

Ensuring that the co-op 

and rental units are legally 

structured in compliance 

with local zoning regulations. 

 

It shall be necessary to set up 

legal entities and agreements 

for co-op and rental portions.

 

Management Structure:

 

A professional 

management company 

experienced in managing 

both private co-ops 

and rental properties. 

 

This streamlines operations 

and ensures

consistency 

in maintenance and services 

across the building and floors. 

 

Community Rules: 

 

Clear community rules 

that apply in both co-op 

and rental residences

to ensure that the building 

functions smoothly 

and equitably.

 

This mixed-use 

hybrid design 

provides models 

for sustainable, 

affordably inclusive 

senior housing 

for San Francisco, 

addressing the city's 

urgent housing crisis 

while creating

supportive 

communities

for our elderly.