Bay Area Mayors Push Housing Bond
What happened
Mayors from across the Bay Area, including San Jose's Matt Mahan, held a press conference to rally support for an affordable housing bond. The officials joined housing advocates to push for increased affordable housing options throughout the region.
Why it matters
- The proposed measure was a $20 billion general obligation bond planned for the November 2024 ballot across all nine Bay Area counties. - Spearheaded by the Bay Area Housing Finance Authority (BAHFA), the bond aimed to create or preserve approximately 72,000 affordable housing units. - A key report indicated that the funds could unlock a pipeline of nearly 41,000 affordable homes across 443 projects that are currently stalled due to a lack of financing. - The cost to property owners was estimated at $19 per $100,000 of assessed value per year. - Eighty percent of the funds were slated to go directly to the nine counties and four cities (San Jose, Oakland, Santa Rosa, and Napa), with the remaining 20% managed by BAHFA for regional initiatives. - Passage of the bond required a two-thirds supermajority, though this could have been lowered to 55% pending the passage of a separate statewide constitutional amendment. - In a significant reversal, the BAHFA board voted in August 2024 to withdraw the measure from the November ballot, citing concerns about public appetite for new taxes and other political dynamics. - Proponents have suggested they may aim for a future ballot, potentially in 2026, after this strategic retreat.
Key numbers
- - The proposed measure was a $20 billion general obligation bond planned for the November 2024 ballot across all nine Bay Area counties.
- Spearheaded by the Bay Area Housing Finance Authority (BAHFA), the bond aimed to create or preserve approximately 72,000 affordable housing units.
- A key report indicated that the funds could unlock a pipeline of nearly 41,000 affordable homes across 443 projects that are currently stalled due to a lack of financing.
- The cost to property owners was estimated at $19 per $100,000 of assessed value per year.
What happens next
- A key report indicated that the funds could unlock a pipeline of nearly 41,000 affordable homes across 443 projects that are currently stalled due to a lack of financing.
- Passage of the bond required a two-thirds supermajority, though this could have been lowered to 55% pending the passage of a separate statewide constitutional amendment.
- Proponents have suggested they may aim for a future ballot, potentially in 2026, after this strategic retreat.
Quick answers
What happened in Bay Area Mayors Push Housing Bond?
Mayors from across the Bay Area, including San Jose's Matt Mahan, held a press conference to rally support for an affordable housing bond. The officials joined housing advocates to push for increased affordable housing options throughout the region.
Why does Bay Area Mayors Push Housing Bond matter?
The proposed measure was a $20 billion general obligation bond planned for the November 2024 ballot across all nine Bay Area counties. Spearheaded by the Bay Area Housing Finance Authority (BAHFA), the bond aimed to create or preserve approximately 72,000 affordable housing units. A key report indicated that the funds could unlock a pipeline of nearly 41,000 affordable homes across 443 projects that are currently stalled due to a lack of financing. The cost to property owners was estimated at $19 per $100,000 of assessed value per year. Eighty percent of the funds were slated to go directly to the nine counties and four cities (San Jose, Oakland, Santa Rosa, and Napa), with the remaining 20% managed by BAHFA for regional initiatives. Passage of the bond required a two-thirds supermajority, though this could have been lowered to 55% pending the passage of a separate statewide constitutional amendment. In a significant reversal, the BAHFA board voted in August 2024 to withdraw the measure from the November ballot, citing concerns about public appetite for new taxes and other political dynamics. Proponents have suggested they may aim for a future ballot, potentially in 2026, after this strategic retreat.
