San Francisco is among several metro areas expected to slow the pace of new apartment construction by 2028, a new report finds.

Why it matters: The projected cool-down comes as a national shortage of homes to buy or rent is keeping housing prices high.

By the numbers: San Francisco completed construction of 38,060 apartments from 2019 to 2023, per a recent analysis by RentCafe.

• That number is poised to drop to an estimated 25,730 for 2024 to 2028 — a 12,330 difference.
• Meanwhile, a projected 5,078 rentals in the metro area will will be complete this year — of that, about 1,100 will be in the city proper.

Between the lines: The Bay Area has long struggled with apartment construction, including complications with permitting.

• Obtaining a permit in 2022 took an average of more than 600 days, according to a San Francisco Chronicle analysis of city permitting data.

Yes, but: Local and state officials have sought ways to cut down the red tape involved in recent years.

• The city also triggered a new state law earlier this year that will expedite the permitting approval process for certain developments.

The big picture: A half-million-plus new apartment units are expected to be built this year in the U.S., but the pipeline is slowing.

• A rush of new apartments, financed when interest rates were lower, helped recently to ease rent hikes.

Reality check: Most new apartments are amenity-packed and perched in sweet locations — not the affordable rentals many people want.

• The average U.S. asking rent in larger properties with multiple units cost roughly $1,700 in Q2, 19% higher than pre-pandemic levels, according to CoStar Group data.

What's next: As people postpone house purchases, less new apartment construction paves the way for landlords to raise rents.

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Bay FC this week announced plans for their new practice facilities on Treasure Island, slated to open in 2027.

Why it matters: San Francisco's Treasure Island has been undergoing redevelopment in recent years and this is the latest boost to the historically underserved area.

What they're saying: "Treasure Island is one of the newest, hippest, coolest neighborhoods that is happening right before our eyes, and we couldn't be more thrilled to welcome Bay FC to Treasure Island as their new home for their training facility," Mayor London Breed said at a press conference on Tuesday.

Context: Bay FC currently practices at San Jose State University and plays matches at PayPal Park, where the soccer club has a five-year lease that concludes at the end of the 2028 season.

What we're watching: It's unclear whether that means the NWSL team will build their permanent stadium there as well, the San Francisco Examiner reports.

• "In terms of a stadium, we're a team for the full Bay Area, for all nine counties of the Bay," the team's CEO Brady Stewart said. "When we think about our stadium, we'll consider the full bay in our exploration."

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Supporters of Proposition D, a November ballot measure that would cut down the number of San Francisco city commissions, have raised almost $7.9 million. (SF Examiner)

🏘️ A real estate startup is launching a one-stop shop for friends looking to buy homes together. (SF Standard)

💵 Consumer spending in most city neighborhoods remains lower than pre-pandemic levels, data shows. (SF Chronicle)

The former CEO of AI software startup SKAEL Inc. has been charged with securities and wire fraud for allegedly scamming millions out of investors, federal prosecutors say. (SF Standard)

The Athletics will play their last game at the Oakland Coliseum today.

State of play: The A's, which have called Oakland home since 1968, will play in Sacramento for at least three seasons beginning next in 2025.

• Then, the plan is to move to a brand-new stadium in Las Vegas by spring 2028, NBC News reports.

The bottom line: Once it's all said and done, Oakland will have lost three professional sports teams in just five years, with two of them going to Las Vegas.

• First the Golden State Warriors, then the Raiders and, soon, the Athletics.