Bay Area Mayors Advocate for Affordable Housing Bond
The mayors of San Francisco, San Jose, and Berkeley joined housing leaders at a press conference to advocate for a new affordable housing bond. The event was held to underscore the urgent need for new funding and solutions to address the region's housing crisis.
- The proposed regional measure, championed by the Bay Area Housing Finance Authority (BAHFA), aimed to raise $20 billion to build and preserve approximately 72,000 affordable homes. - In August 2024, the BAHFA board unanimously voted to withdraw the bond measure from the November 2024 ballot, with plans to potentially reintroduce it in a future election, possibly in 2026. - The decision to pull the measure was influenced by concerns over public appetite for new taxes, a lawsuit alleging misleading ballot language, and a strategic desire to first see the outcome of Proposition 5, a statewide initiative that could lower the voter approval threshold for such bonds from two-thirds to 55%. - The bond would have been funded by a property tax estimated at $19 per $100,000 of assessed property value. - Under the proposal, 80% of the funds would have been allocated directly to the nine Bay Area counties and four cities (San Jose, Oakland, Santa Rosa, and Napa) to address local housing needs. - This initiative was developed in response to a severe housing crisis, with 2022 figures showing 37,000 unhoused people in the Bay Area and 23% of renters spending over half their income on rent. - Projections indicated that San Francisco alone needs to permit 46,000 new affordable homes over an eight-year period to meet state mandates, a challenge now magnified by the bond's withdrawal. - Supporters of the bond included a coalition of non-profits, businesses, and public sector partners known as Bay Area Housing for All.
