Approved by San Francisco voters in 1986, Proposition M established an annual cap on the amount of office space that’s allowed to be developed in the city.

While the annual allocation of 950,000 square feet can be banked in a down market, the current balance in the account which can be allocated to large projects is 1.6 million square feet, which is not only 700,000 fewer square feet than is required for projects which have already been approved by Planning, but 8 million feet less than would be needed to satisfy the requirements for projects in the development pipeline.

Arguing that the limits imposed by Proposition M could thwart or otherwise delay Lennar’s massive redevelopment of Hunters and Candlestick Point, a redevelopment which includes a plan for over 5 million square feet of research, development and office space, the paperwork for a proposed ballot measure that would remove Hunters Point and Candlestick from the boundaries of Proposition M was just been filed with the Department of Elections.

From the text of the proposed “Hunters Point Shipyard/Candlestick Point Jobs Stimulus Proposition”:

“This Initiative amends the provisions of Proposition M and the San Francisco Planning Code that regulate the pace of office development. It removes Hunters Point Shipyard Phase 2 and Candlestick Point from the area within which an allocation or project authorization allowing office development may be required. This Initiative is intended to facilitate a rational development pace for this area, and to implement the voters’ desire to realize the revitalization contemplated in Proposition G. To achieve these goals, this Initiative would also establish a policy that development applications shall be processed and decided quickly, and development expedited.”

And while the text also notes that the proposed “initiative would not affect the applicability of the office development controls enacted by Proposition M to other areas of the City,” don’t be surprised to see a number of other “stimulus” initiatives soon drafted if this measure succeeds.

The proponents of record for the initiative are Shamann Walton, Dr. Veronica Hunnicutt, and former District 10 Supervisor, Sophie Maxwell.