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.
- 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.
