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Supervisor Melgar introduces charter amendment to expand and grow the Housing Trust Fund to $125M annually
Summary
Supervisor Melgar introduced a charter amendment to extend and gradually grow San Francisco's Housing Trust Fund by allocating a portion of future property tax growth and authorizing revenue bonds, with protections to freeze growth during budget deficits and to delay increases until 2029.
Supervisor Mirna Melgar on May 19 introduced a charter amendment aimed at renewing and expanding the San Francisco Housing Trust Fund. The measure — cosponsored by several supervisors and supported by the mayor’s office and housing advocates — would gradually grow the trust to $125 million annually by allocating a portion of future property tax growth and authorizing revenue bonds to maximize the fund.
Melgar said the change was designed to be fiscally responsible: the funding increase would not begin until 2029 and includes safeguards to freeze or reduce baseline contributions during budget deficits or recessions. The amendment would also permit use of funds for limited equity ownership, social housing, preservation, and first‑time buyer programs.
Why it matters: The proposal would create a stable, dedicated revenue stream to support affordable housing production, preservation, and supportive services at a time when other federal and state sources have tightened.
What happens next: The charter amendment was introduced for consideration with cosponsors and will proceed through the charter amendment process and, if placed on the ballot, to voters for approval.
Representative quote: “We designed this charter amendment so that the housing trust fund grows by allocating a portion of future property tax growth every year,” Melgar said.
