Yeah, and to be clear, we’re talking “luxury” apartments here, not anything single-family. Bay Area developers ALWAYS pull this: promise “affordable” housing and only sometimes get stuck accepting affordable housing programs into their otherwise-expensive apartments. Examples of the developers who lost: https://www.lowincomehousing.us/CA/santa_clara.html

Btw: The U.S. Department of Housing and Urban Development (HUD) defines "affordable" as housing that costs no more than 30 percent of a household's monthly income.