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Committee backs expanded $310 million housing bond framework for November ballot
Summary
The Budget & Finance Committee accepted amendments to increase a proposed affordable housing bond to $310 million, outlining allocations for low-income, Mission-specific, public housing rebuilds and middle-income programs, and continued the ordinance for further committee review.
The San Francisco Budget & Finance Committee on June 24 accepted amendments to the proposed November housing bond and agreed to continue the measure for further review.
Kate Howard, the mayor’s budget director, told the committee the administration and controller had identified a way to increase the mayor’s originally proposed $250 million bond to $310 million “without raising property taxes and without impacting the city's capital plan.” Howard laid out the committee’s new framework: $100 million for low-income affordable housing, $50 million dedicated to Mission District housing needs, $80 million for public housing (including HOPE SF rebuilding of distressed public housing), and $80 million for middle-income housing programs. In addition, the administration intends to borrow $25 million from the housing trust fund in the second year, yielding a combined targeted investment of about $335 million in affordable housing production across the next two years.
Supervisors debated geographic equity, family-sized units and whether bond-funded production would be distributed across neighborhoods. Supervisor Avalos told the committee he would table his separate bond proposal and cosponsor the larger mayoral measure after negotiating language to ensure local-hire and other city policy compliance.
The committee accepted the amendments and voted to continue Item 1 to the committee meeting on July 8 and to forward a committee report in time for a full Board vote and potential placement on the November ballot. Members emphasized the bond is one part of a broader affordable-housing financing strategy that includes capital planning and other revenue sources.
Next steps: The measure will return to the Budget & Finance Committee for final language, implementing guidelines and ballot scheduling before the Board votes on whether to place the bond on the November ballot.
