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<br />9/1/1 <br /> <br />J. Overall housing production in the City must average approximately 363 <br /> <br />units a year to correspond to the City's allocation of regional housing, whereas <br /> <br />housing construction in the City from 1989-1999 averaged 269 units per year; <br /> <br />K. In order to alleviate the immediate and drastic effect upon the demand <br /> <br />for housing caused by current unprecedented office development in the City, it is <br /> <br />necessary to allocate some of the responsibility for providing housing related to <br /> <br />that development to the developers of office projects by requiring them to con- <br /> <br />struct housing, or to pay a fee in lieu of constructing housing, in rough proportion <br /> <br />to the burden upon the housing supply created by their office developments; <br /> <br />L. The formulae established in this ordinance by which the number of <br /> <br />dwelling units to be constructed and the fee to be paid in lieu of construction of <br /> <br />dwelling units is calculated with respect to a particular office development are <br /> <br />based upon current reasonable approximations of the amount of dwelling units <br /> <br />necessary to satisfy twenty two percent (22%) of the demand for housing created <br /> <br />by the office development, and the cost of such units, respectively; <br /> <br />M. Pursuant to this ordinance, the City shall undertake further studies to <br /> <br />investigate and substantiate the relationship between office developments and <br /> <br />their impacts upon the demand for, and supply of, housing, and to refine, if need <br /> <br />be, the above-mentioned formulae; <br /> <br />N. This ordinance will advance one of the goals of the Housing Element <br /> <br />of the City's General Plan, which calls for the provision of additional housing to <br /> <br />Ord-118 <br />tish/sh/RC/Council/Ord <br />DES:rg <br />08/24/00 <br /> <br />., <br />-' <br /> <br />'..'.".'.'..'...'..-¡--."-"T"'-'..' <br />