This article provides a comprehensive evaluation of the San Francisco Office- Housing Production Program (OHPP). The analysis evaluates the internal operation of the program as well as its external impact on both office development and housing production in San Francisco. While OHPP generated a significant source of housing funds for San Francisco, the program nonetheless was biased against providing full mitigation of office development impact on the housing market. The evidence also shows that OHPP had no negative impact on the rate of office space growth in San Francisco. Program design resulted in an efficient administrative program, enhanced the program's acceptability to office developed but increased dissatisfaction among community housing advocates, and led to an immediate and significant short-term increase in housing production while sacrificing overall housing production levels.