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Board OKs $64.1 million from reserves to speed housing acquisitions after extended debate
Summary
The San Francisco Board of Supervisors voted 8-3 on Nov. 30 to appropriate $64,100,000 from the fiscal reserve to the Mayor’s Office of Housing and Community Development for acquisition, creation and operation of affordable social housing under the Housing Stability Fund after hours of testimony and a divided floor debate.
The San Francisco Board of Supervisors voted 8-3 on Nov. 30 to appropriate $64,100,000 from the city’s fiscal reserve to the Mayor’s Office of Housing and Community Development (MOHCD) for acquisition, creation and operation of permanently affordable social housing under the Housing Stability Fund.
Supervisor Preston introduced the midyear supplemental appropriation, saying the funds will allow the city to acquire at‑risk multifamily buildings and prevent pandemic‑related displacement. “The time to act on this item is now,” Supervisor Preston said, urging colleagues to vote to “prevent displacement, and to create permanent affordable housing by jump‑starting our housing acquisition work.”
The measure draws on Prop I revenues and other fiscal‑reserve…
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