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Supervisors introduce measures on municipal development corporation, Airbnb tax compliance and a housing-balance tracking plan
Summary
Supervisors introduced three policy items: a request to draft an ordinance to study creating a municipal development corporation (as a step toward a public bank), proposed contingency for Airbnb law implementation tied to back tax collection, and a housing-balance measure to track 10-year rolling production toward a 33% affordable housing goal.
Several supervisors used Jan. 13's new-business introductions to advance longer-term policy initiatives.
Public bank / municipal development corporation (Supervisor John Avalos): Avalos asked the City Attorney to draft legislation to study forming a non-depository municipal development corporation (MDC) as a manageable first step toward a public bank. The MDC would be a non-depository financial institution that could fund projects by issuing medium-term notes and initially focus on affordable housing financing. Avalos said legal work over three years indicates charter cities have authority to create a bank but that…
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