The San Francisco City Council convened on July 4, 2025, to discuss significant changes to the Below Market Rate (BMR) homeownership program, aimed at supporting low and middle-income residents. The meeting featured Supervisor Melgar and Ms. Jen Lowe, who presented the ordinance designed to address challenges faced by current BMR homeowners.

Lowe emphasized the importance of the BMR program, which is intended to help residents achieve homeownership and stability in a city where housing affordability is a pressing issue. She highlighted the struggles of homeowners who find themselves unable to sell their units without incurring substantial losses due to market conditions and restrictive policies. Many homeowners feel trapped in what Lowe described as a "real estate purgatory," unable to sell their homes at fair prices.

The proposed legislation seeks to provide more flexibility for homeowners in unique situations, allowing for waivers on resale prices that exceed affordable limits. It also aims to increase the maximum allowable income for potential buyers, expanding the pool of eligible purchasers. Lowe reassured attendees that the changes would be implemented cautiously to maintain the program's affordability and integrity.

The discussion underscored the need for a broader reevaluation of the BMR program to ensure it meets the evolving needs of the community. Lowe called for ongoing dialogue among housing advocates and city officials to refine policies and encourage participation in the program.

The meeting concluded with a call for support of the ordinance, emphasizing the city's commitment to fostering homeownership and addressing the challenges faced by current BMR homeowners. The council's next steps will involve further discussions on the BMR program and its future direction.