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Committee continues $300 million housing bond discussion to Oct. 25
Summary
Committee members continued two resolutions related to a $300 million housing bond (rental affordable housing and homeownership down-payment assistance) to Oct. 25 to allow further coordination with the mayor's office and stakeholders; public commenters urged caution and transparency.
The Budget and Finance Committee on Sept. 27 continued two resolutions tied to a proposed $300 million housing bond to its Oct. 25 meeting to allow further negotiation and review. The resolutions would authorize bonded indebtedness not to exceed $300 million to finance construction, acquisition, rehabilitation and preservation of affordable rental housing and to expand homeownership assistance through a down-payment loan program. One provision discussed would permit landlords to pass through 50% of the resulting property-tax increase to residential tenants under the administrative code.
Chair Supervisor Connie Chien said discussions with the mayor's office are ongoing and that Tom Polino of the mayor's office had no objection to continuing the items so committee and stakeholders could work toward consolidating proposals into a single bond. Public comment speakers urged caution, raised concerns about conflicts of interest and asked for more shared information before the bond moves forward.
The committee voted to continue both items to the Oct. 25 Budget and Finance Committee meeting and recorded three ayes. The continuance preserves further negotiation and public outreach before the resolutions return to committee and then to the full board.
