Board votes to place $300 million affordable housing bond on March 5, 2024 ballot

The San Francisco Board of Supervisors on Nov. 14 approved on final passage an ordinance calling a special election March 5, 2024 for a $300 million affordable housing general obligation bond.

The ordinance would permit the city to issue $300,000,000 in bonds to finance construction, acquisition or rehabilitation of rental affordable housing — including workforce and senior housing — for households from extremely low to moderate incomes, and to cover related costs. The ordinance also would allow landlords to pass through 50% of the resulting property tax increase to residential tenants under Administrative Code Chapter 37 as described in the ordinance.

Sponsor remarks and context A sponsor emphasized the measure’s goal of creating diverse, income‑targeted housing in San Francisco, saying it would, "build some 1,500 units of much needed affordable housing at moderate low very low and extremely low rates." The sponsor called the ballot measure "part of our imperative to express San Francisco values by having a just and equitable housing diversity in the city and county of San Francisco."

Why it matters: The ballot measure would create a locally controlled funding source to support construction and preservation of affordable rental housing across income bands; the board noted it needs voter approval by two‑thirds (eight votes) for final passage as a bond measure.

Vote and next steps: The transcript records the ordinance was "finally passed." The item requires a two‑thirds vote (eight members) under California law for bonds; the transcript does not include a full roll‑call tally in the hearing record but records the ordinance as finally passed. The measure will appear on the March 5, 2024 ballot for voter consideration.