In San Francisco, the AFL-CIO Housing Investment Trust (HIT) has invested in a 326-unit residential project that employs an all-union crew of 600. The project, 333 Harrison, was funded with $70 million of pension fund money to help employ members of the Building and Construction Trades. It is the third residential development in the San Francisco region funded by HIT in the past 18 months.
Last month, the workers celebrated their progress. Among them were San Francisco Building and Construction Trades Council Secretary-Treasurer Mike Theriault:
“With the HIT’s investment, 333 Harrison is being done 100 percent union, putting hundreds of our members back on the job at a time when residential construction projects are scarce and unemployment is high,” Theriault said. “333 Harrison will be a quality product that the community, its residents, and the building trades can be proud of because of the skill and craftsmanship you bring to this project.”
HIT Director of Labor Relations Rod DuChemin, a retired union bricklayer, also thanked the workers, saying,
“Today’s event is all about you, the workers here at the job site. The union men and women doing these jobs are the same folks who, through their pension funds, allow the Housing Investment Trust to provide funding for projects like 333 Harrison. The Trust is proud to be a part of this winning formula – union pension money creating union jobs and housing for the benefit of workers and their community.”
The HIT’s formula of using union pension fund money to invest in residential developments and improvements that hires current tradesmen and women is a winning one. Labor officials were given a tour of the project which is currently on schedule. The project includes a larger percentage of affordable units than required by the city. 49 units are intended for families whose earnings only reach 30 percent of the San Francisco median income.