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The ballot measure proposed today would increase the city\u2019s annual contribution to the Housing Trust Fund by allocating a portion of future property tax growth every year, until it reaches $125 million. After that, the fund would grow at the same rate as General Fund discretionary revenue up to 3% per year, through 2058.\u00a0<\/p>\n
The measure includes fiscal guardrails, including the ability to freeze or reduce the annual appropriation in budget years with large budget deficits or during a recession.\u00a0<\/p>\n
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The mayor and Supervisor Melgar also announced an additional $70 million revenue bond to be issued next year, specifically for affordable housing preservation through both reinvestment in existing deed-restricted affordable housing buildings, and the acquisition and conversion of private rental housing to permanently affordable housing through the city\u2019s Small Sites Program.\u00a0<\/p>\n
\u201cRight now in San Francisco, housing is not getting built at the pace we need, and the consequences are all around us. Families don\u2019t know if they can stay in the city they love. Young people are questioning whether they can build a future here. Workers are getting priced out of the communities they serve,\u201d Lurie said in a statement. \u201cWe must take bold action.\u201d<\/p>\n
Melgar called the affordable housing shortage is the biggest crisis in San Francisco.\u201d<\/p>\n
\u201cIt keeps families from setting roots, young people from staying, workers from living close to their jobs, and our neighborhoods from remaining diverse,\u201d she said in a statement.<\/p>\n
The ordinance introduced today would implement those recommendations by lowering the required amount of affordable housing provided on-site to 5% for projects with 25 units or more, while allowing developers to alternatively pay an in-lieu fee, dedicate land, or provide off-site affordable units equivalent to 10% of the project\u2019s total units.\u00a0<\/p>\n
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Rudy Gonzalez, San Francisco Building Trades Council Secretary-Treasurer, said \u201cExpanding the Housing Trust Fund while updating the city\u2019s inclusionary requirements is about keeping housing production moving and keeping union members on the job.\u201d\u00a0<\/p>\n
Longtime developer Eric Tao, Interim CEO of TODCO Group, called the expansion of the trust fund \u201ca historic commitment to fund housing and to make the city we love more affordable for its residents.\u201d<\/p>\n
\u201cAt the same time, the changes to the inclusionary requirements will stimulate the delivery of additional homes, jobs, and tax revenue to help fund the Housing Trust Fund,\u201d he said.\u00a0<\/p>\n
The mayor and Supervisor Melgar also announced an additional $70 million revenue bond to be issued next year, specifically for affordable housing preservation through both reinvestment in existing deed-restricted affordable housing buildings and the acquisition and conversion of private rental housing to permanently affordable housing through the city\u2019s Small Sites Program.\u00a0<\/p>\n
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Saki Bailey, executive director of the San Francisco Community Land Trust Executive Director, called the $70 million revenue bond \u201cthe difference between rent-controlled buildings that stay in community hands and buildings that get flipped to the highest bidder.<\/p>\n
\u201cFor tenants living in those buildings right now, it is the difference between stability and displacement,\u201d she said.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"City leaders are pushing to expand San Francisco\u2019s affordable housing fund. Yalonda M. James\/The Chronicle The city would…\n","protected":false},"author":2,"featured_media":323125,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[5242,7,1011,101,103,102,104,106,105],"class_list":["post-323124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-affordable","tag-california","tag-housing","tag-san-francisco","tag-san-francisco-headlines","tag-san-francisco-news","tag-sf","tag-sf-headlines","tag-sf-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/323124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=323124"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/323124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/323125"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=323124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=323124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=323124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}