San Francisco supervisors propose charter amendment to boost affordable housing funding

In a pivotal meeting at San Francisco City Hall, discussions centered on a proposed charter amendment aimed at addressing the city's pressing affordable housing crisis. The atmosphere was charged with urgency as Supervisor Daly presented a plan that seeks to establish a baseline appropriation for affordable housing funding, reflecting the city's commitment to combat the growing disparity between income levels and housing costs.

The proposed amendment would allocate 2.5 cents from every $100 of assessed property tax over the next 15 years, generating an estimated $33 to $34 million annually for affordable housing initiatives. This funding is intended to support the Mayor's Office of Housing and various community organizations in creating a comprehensive affordable housing plan, which would be updated every three years.

Supervisor Daly emphasized the dire need for affordable housing, citing that a staggering 92% of residents in the South of Market neighborhood cannot afford the average new condominium. He highlighted the gap between median income levels and the market's ability to provide suitable housing, noting that current efforts, while commendable, have not met the overwhelming demand.

The charter amendment proposes that 40% of new units funded through this initiative be affordable for households earning less than 30% of the median income, while another 40% would cater to those earning less than 60%. This approach aims to ensure that working-class families have access to housing in a city where they are increasingly being priced out.

Daly's passionate plea underscored the importance of preserving San Francisco's diversity, linking economic diversity to the city's cultural fabric. He argued that without bold legislative action, the city risks losing its unique character as market forces continue to push lower-income families out.

As the meeting concluded, the call for public comment signaled a community eager to engage in the conversation about the future of housing in San Francisco. The proposed charter amendment stands as a significant step towards addressing one of the city's most vexing challenges, with the potential to reshape the landscape of affordable housing for years to come.