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San Francisco committee pauses $39.14M bond plan to refine voter language for soft‑story retrofits
Summary
The Budget & Finance Subcommittee reviewed a $39.14 million general‑obligation bond proposal to fund seismic retrofits for soft‑story affordable housing and continued the item for one week to refine voter messaging and eligibility language.
The Budget & Finance Subcommittee on June 8 reviewed a proposal to ask San Francisco voters to authorize $39,140,000 in general‑obligation bonds to fund seismic retrofits of soft‑story housing and continued the measure for further language work.
Jason Elliott, a mayor’s policy adviser, told the committee the bond would target buildings that are most vulnerable in a major earthquake and said CAPS (Community Action Plan on Seismic Safety) and the mayor’s office of housing estimate retrofit costs at about $275,000 per building. Elliott said the city has identified between 2,000 and 4,400 potential soft‑story buildings, with 2,800 most likely to meet the condition on exterior inspection, and that 156 government‑funded properties and 31 privately owned single‑room‑occupancy buildings were targeted for this program. "We're gonna ask San Franciscans on the ballot with, with your consent to authorize $39,140,000 in general obligation bond indebtedness, to do retrofits to, seismic retrofits to soft story affordable housing buildings," Elliott said.
The budget analyst reported the bonds would be issued for a 20‑year term at an interest rate of about 7 percent, producing roughly $72.8 million in total debt service (approximately $39.14 million principal and $33.7 million interest). The controller's office estimated the average levy impact at about $6.73 per year for a $500,000 assessed valuation.
Committee members pressed staff on eligibility and terminology. The bond as described would make buildings eligible if they are at least three stories high and contain five or more residential units; "affordable housing" in the proposal refers to buildings with existing contractual affordability obligations such as those tied to the Mayor's Office of Housing, redevelopment agency or HUD. The budget analyst recommended adjusting wording that labels the funding a "loan," noting repayment generally is not required unless affordability is reduced.
Joe Grubb, chair of the soft‑story task force, urged passage and said the program could prevent displacement, injury and deaths in a major quake. The committee voted to continue Item 1 for one week to refine ballot language and related ordinance text; Chair Supervisor John Avalos announced the continuance "without objection."
