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Prop N bond reports show $283.7M issued, most funds spent on demolitions; fewer stabilizations than goal
Summary
Quarterly status reports showed the city issued $283.7 million in neighborhood improvement bond proceeds, spent roughly $232M–$246M across reports mainly on residential demolitions, and reported about 2,700 stabilized homes compared with an original target of 6,000; staff said they will investigate the gap.
Legislative Policy Division staff updated the committee on the status of Neighborhood Improvement (Prop N) bond proceeds across multiple quarterly reports during the Oct. 8 meeting.
Presenters said $283.7 million in bond proceeds were available following two bond sales (Feb. 2021 and July 2023). Reported expenditures grew across the quarterly updates: about $219M spent as of Dec. 31, 2024; roughly $235M as of March 31, 2025; and approximately $246M as of June 30, 2025. The staff presentation attributed the majority of spending to demolition contracts, with payroll costs for demolition work also noted.
The committee was told demolition goals (up to 8,000 homes) have been met and exceeded — presenters cited roughly 8,200 demolitions — but that stabilized homes (the program’s stabilization or rehabilitation goal of 6,000 homes) lagged; staff reported about 2,700 stabilized homes and said about 2,400 of those had been sold. The presenter said he would follow up with the Construction and Demolition Department to reconcile the gap between the goal and reported outcomes.
Members received and filed the three quarterly status items for line items 6.4–6.6 by unanimous consent.
What’s next: staff said they will contact the Construction and Demolition Department and report back with an explanation of the gap in stabilization metrics in a forthcoming quarterly report.
