San Francisco voters approve Lennar project

While most home builders are seriously cutting back in the face of a greatly reduced housing market, Lennar has earned approval on a huge new project in San Francisco that includes provisions for a city football stadium.

The national home builder won a vote from San Francisco voters, by a 61 percent margin, to turn a 770-acre parcel of waterfront property into housing, shops, offices and a new football stadium for the San Francisco 49ers.

The builder faced pressure from residents on the 10-year project, namely on concerns of affordable housing. Lennar has agreed to set aside 32 percent of the planned 10,000 homes for low- to mid-income residents

As part of the deal, the company also agreed to set aside the space for the new stadium, provided the 49ers decide to stay in the city, and also add parks and other infrastructure improvements.