Yesterday, the city's Board of Supervisors unanimously approved the $300 million affordable housing bond. Led by San Francisco Mayor London N. Breed and Board of Supervisors President Aaron Peskin, for the March 2024 ballot. As stated by SF Gov news, the bond proposes funding for new affordable homes, the preservation and rehabilitation of existing affordable housing, and targets groups such as families, seniors, public housing residents, and the homeless.
The State of California has tasked San Francisco with building over 46,000 new affordable housing units within the next eight years, yet there is no existing state or federal funding source for this purpose. This bond is the city's solution to fulfilling this task without increasing property taxes. The bond's allocation includes $240 million for low-income housing, $30 million for preserving affordable housing, and $30 million for housing victims and survivors.
San Francisco's last housing bond, which passed in 2019, contributed to 1,610 new affordable homes, the renovation of nearly 1,000 public housing units, the protection of 100 homes, as well as providing 100 homeowners with down payment assistance. On average, every city bond dollar is matched with two dollars of other affordable housing funding. Sammie Rayner, a key stakeholder in Community Housing Forward and the Women's Housing Coalition, believes this bond could greatly benefit underserved women in the homeless community.
Anni Chung, the Executive Director of Self-Help for the Elderly, also highlights the potential positive impact the bond could have on seniors, who are at an increasing risk of homelessness. Chung explains, "Seniors are being priced out of homes faster than anyone else. They are the most at risk of losing their homes while surviving on a fixed income." Although state and federal investment remains vital, the current local housing bond represents a significant step towards supporting vulnerable residents as reported by SF Gov news.
San Francisco's Housing Element, aiming to allow the construction of 82,000 new homes in the next eight years, is an additional initiative co-working with the housing bond. Over 46,000 of these must be designated as low-income residences. An Affordable Housing Working Group has been established to strategize on these and future goals.
The proposed 2024 housing bond is part of the most recent 10-Year Capital Plan, which was approved by the Board of Supervisors on May 19. Published every other year, this plan lays out necessary infrastructure investments for the next decade.
