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23. Mountain View In early 2018, Mountain View once again tightened its affordable housing policies and fees, making it one of the more restrictive cities in the Bay Area. For example, the council retained the 15 percent inclusionary level for rental residential development and will allow payment of the in -lieu fee (set at a very high $34.57 per sq. ft.) for only fractional units. Developers of for -sale residential projects of three or more units must set aside 10 percent as affordable or pay an in -lieu fee calculated as 3 percent of the sales price of all units in the project. Developers of for -sale projects where the projected sales price will be more than $400,000 per unit will be allowed to pay the $34.57 in -lieu fee. All other means of compliance such as off-site units or land dedication must be approved by the City Council. (1) Maximum justified fees for residential were determined in a September 2011 nexus study. Non-residential rates were identified in a November 2012 analysis. Commercial fees were previously derived from a 2001 nexus study. (2) Rates identified in the charts for residential units are estimated equivalents, as the consultants listed maximum justified fees for for - sale units as ranges with 7.7 percent for units of $1.7 million or higher at $133,887 and a three-bedroom rental unit at 11.9 percent or $60,804. (3) The new BMR program is scheduled to be adopted on Feb. 27, 2018, and will go into effect on April 28, 2018. (4) The ordinance set the in -lieu fee for developers of for -sale units at 3 percent of the sales price for each unit in the project. However, if the sales price exceeds $400,000, the developer is permitted to pay the rental in -lieu rate of $34.57 per sq. ft. As the median home value in Mountain View in January 2018 was $1.85 million, it is unlikely that any developer will pay less $34.57 per sq. ft. 16 Maximum Justified Fee(1)(2) Current Fee(3)(4) Percentage of �ype Maximum Justified Fee (estimated) For sale residential $133,887 per unit or $66.94 per sq. ft. 10% inclusionary or in -lieu fee equivalent of 52% $69,140 per unit or $34.57 per sq. ft. Rental residential $60,804 per unit or $40.54 per sq. ft. 15% inclusionary or in -lieu fee equivalent of 85% $51,855 per unit or $34.57 per sq. ft. (Allowed only on fractional units.) Office, industrial Ft $59.31 per sq. ft. _ $13.14 per sq. ft. for first 10,000 sq. ft. 44% warehouse $26.27 per sq ft. for remainder Retail & restaurant $243.61 per sq. ft. $1.41 per sq. Yt. for first 25,000 sq. ft. and $2.81 1.2% per sq. ft. for remainder. Hotel __ $44.69 per sq. ft. $1.41 per sq. ft. for first 25,000 sq. ft. and $2.81 6.3% _ per sq. ft. for remainder. - - - — ---- — 212312018 (1) Maximum justified fees for residential were determined in a September 2011 nexus study. Non-residential rates were identified in a November 2012 analysis. Commercial fees were previously derived from a 2001 nexus study. (2) Rates identified in the charts for residential units are estimated equivalents, as the consultants listed maximum justified fees for for - sale units as ranges with 7.7 percent for units of $1.7 million or higher at $133,887 and a three-bedroom rental unit at 11.9 percent or $60,804. (3) The new BMR program is scheduled to be adopted on Feb. 27, 2018, and will go into effect on April 28, 2018. (4) The ordinance set the in -lieu fee for developers of for -sale units at 3 percent of the sales price for each unit in the project. However, if the sales price exceeds $400,000, the developer is permitted to pay the rental in -lieu rate of $34.57 per sq. ft. As the median home value in Mountain View in January 2018 was $1.85 million, it is unlikely that any developer will pay less $34.57 per sq. ft. 16