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Budget committee advances $64 million Prop I emergency acquisition for affordable housing to full Board
Summary
The Budget & Finance Committee moved to forward an ordinance seeking to allocate $64.1 million from Prop I transfer-tax revenues to the Housing Stability Fund for emergency acquisition and preservation of at-risk multifamily buildings, after lengthy testimony from tenants, housing advocates and MOHCD partners about urgency and program capacity.
The Budget and Finance Committee on Nov. 17 advanced an ordinance to the full Board that would send $64.1 million of Proposition I transfer-tax revenue to a city emergency housing acquisition program intended to buy at-risk multifamily buildings and preserve them as permanently affordable housing.
Supervisor Dean Preston, the item’s lead, told the committee the funding would let the city “step in and purchase those buildings for permanently affordable housing and prevent pandemic-fueled displacement.” He said the Board’s oversight body recommended an emergency allocation after finding more than 100 multifamily buildings were on the market citywide.
The measure would draw on Prop I proceeds the Board set aside for social housing and rent relief. Preston said the proposition’s…
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