Board approves 2022–23 budget and $112 million certificates-of-participation housing package

The San Francisco Board of Supervisors on July 19 approved the city’s annual budget and a $112 million certificates-of-participation (COP) appropriation that the board and mayor’s office said will finance land acquisition and other investments to produce and preserve affordable housing.

The budget passed after extended committee work and unanimous votes on multiple ordinance readings. Supervisor Ronan, chair of the Budget and Appropriations Committee, and committee vice chair Supervisor Safa Yi framed the package as a compromise that restores prior proposed cuts and provides investments in community infrastructure, nonprofit pay increases and housing programs. The COP appropriation, introduced by Supervisor Preston, dedicates money for 100% affordable land acquisition, public housing life-safety repairs, educator housing construction, SRO elevator improvements and funds for API community preservation projects.

Why it matters: Officials said the COP funding creates a dedicated revenue source to buy land for permanently affordable projects — a step they…