Shared equity homeownership initiatives provide below-market homeownership opportunities to income-eligible families in return for a share of the owner's potential capital gains at resale. This case study analyzes affordability, personal wealth, security of tenure, and mobility outcomes for the San Francisco Citywide Inclusionary Affordable Housing Program. Although there were several resale price formulas, most owners (all of whom were first-time homebuyers earned reasonable returns. And most homes saw only a small decrease in affordability over time (though real incomes were decreasing at the time in San Francisco).