Neveo Mosser Discusses the Evolving Urban Future of the Bay Area—and Beyond

December 8, 2022

Mosser Companies CEO and chairman of Mosser Capital, Neveo Mosser, was a featured panelist discussing the evolving urban future of the Bay Area and beyond with Allie Stein from Hines, Ryan Keating from EisnerAmer and Matt Regan from the Bay Area Council during a webinar hosted by EisnerAmper.

The panel discussed how affordable housing will contribute to San Francisco’s post COVID revitalization. Rents have bounced back to pre-pandemic levels in most major cities, but San Francisco isn’t one of them. Neveo shared thoughts on what needs to change.

As an owner operator in some challenging and transitional neighborhoods of the city, Neveo has a front-line perspective about why San Francisco must make it easier for owner/operators to more easily convert existing housing stock into workforce and market-rate affordable housing.

He believes preserving and increasing workforce housing options could allow thousands of middle-class California families to stay in or return to the city versus moving out into other less expensive areas. “We need to deliver more affordable rental housing to the “missing middle,” which includes the nurses, police officers, teachers and civil servants who earn too much to qualify for traditional affordable housing yet can’t afford upscale market rents,” he said.

All the panelists agreed that investors are important to housing affordability, touching upon how the costs for building new affordable housing have skyrocketed under public management and bureaucracy has projects lagging for years in city building red tape and approvals. Neveo shared estimates from the Tenderloin Neighborhood Development Corporation (TNDC), which pegs total per-unit development costs for a spring 2024 groundbreaking at around $1.17 million, or perhaps even slightly higher.

Investors are putting their trust in Mosser and investing in San Francisco’s comeback because the company has a more than six-decade, deep understanding of the market. It’s fueled Mosser’s ability to acquire undermanaged properties with renovation and repositioning potential.

To keep costs down and keep apartments affordable, Neveo shared one of Mosser’s business advantages: Maintaining their own licensed in-house teams for construction, plumbing, electrical and maintenance to ensure high quality, expedited project performance, and cost-effective management by minimizing third-party vendors or contractors.

Investors see value and are supportive of Mosser’s community orientation. Since the start of Mosser Companies in the 1950’s, the team has been a long-term sponsor in communities and prides itself on being hands-on, active, and engaged in supporting diverse and inclusive neighborhoods. It’s these revitalized neighborhoods that benefit long-standing residents and also offer new residents the opportunity to experience the true, classic neighborhoods of the city.