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Committee advances $20.1M Prop I supplemental to fund rent relief and housing stability, continues item to March 23
Summary
The Budget & Appropriations Committee approved amendments and moved a supplemental ordinance that would allocate $20.1 million (split roughly $10M to rent relief and $10M to a housing stability fund) for further consideration at a special March 23 meeting. Supervisors pressed for data tracking and oversight board appointments before funds are deployed.
The Budget & Appropriations Committee on March 17 advanced an ordinance to appropriate roughly $20.1 million in one-time funds tied to Prop I revenue for rent relief and a new housing stability fund, approving an amendment to change the revenue source and continuing final action to a special committee meeting on March 23.
Supervisor Dean Preston, who introduced the measure, told the committee the ordinance implements voter intent from Prop I, which raised the transfer tax on high-end real estate to fund rent relief and permanently affordable housing. He said recent controller projections increased Prop I revenue "to $26,100,000 in the current fiscal year, or $20,100,000 after baselines," and urged the committee to use the updated estimates to begin issuing assistance to tenants and small property…
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