An accomplished real estate investor, Yat-Pang Au founded Veritas Investments in 2007. Today, Veritas stands as the largest residential unit owner in San Francisco. Yat-Pang Au plans to increase his company’s residential holdings through the city’s new accessory dwelling unit program.
The accessory dwelling unit program is an ambitious plan to increase the number of residential properties in San Francisco by converting unused attics, basements, and storage rooms into new apartments. The aim of the program is to provide convenient housing alternatives aside from the traditional ground-up developments.
Developers have lauded the program for providing cost-effective ways of creating new homes quickly and with fewer challenges. According to developers, new construction projects cost anywhere between $300,000 and $600,000 per unit, and getting their approvals can take up to two years. Additionally, the projects often face public backlash because they change the face of the city. On the contrary, the new accessory units will be cheaper to develop, their approvals will take about two months, and they will not increase building density.
The city’s accessory unit program has also received tremendous support from dozens of business groups and from the University of California, Berkeley.
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