Mayor London Breed and Board President Norman Yee Call for Growing Housing Bond to $600 Million
Controller announces $100 million in expanded debt capacity, which would allow the Affordable Housing Bond to grow to $600 million
Friday, May 24, 2019
Mayor London N. Breed and Board President Norman Yee today released the following statements in support of growing the Affordable Housing Bond by $100 million after the Controller announced the City’s debt capacity has increased by that amount. This would raise the bond to $600 million.
“Too many of our residents are struggling with housing affordability in our increasingly expensive city,” said Mayor Breed. “Together we convened the Affordable Housing Bond Working Group with the goal of crafting the largest Affordable Housing Bond possible that does not raise property taxes or take away from other emergency services, transportation, or recreational needs in our Capital Plan. Today we take another step towards achieving that goal by adding an additional $100 million to our now $600 million Affordable Housing Bond—the largest in our city’s history. This Affordable Housing Bond will fund the rehabilitation and creation of thousands of units of affordable housing for San Franciscans, including our public housing residents, people exiting homelessness, seniors, working families, and middle-income households. Whether you are a senior or veteran living on a fixed income, service worker earning less than $30,000 a year, tenant in a rent controlled building, public school teacher, or middle-income family of four earning $170,000 per year, this Affordable Housing Bond will provide critical resources to support affordable housing options for you.”
“Through the discussions with the Affordable Housing Bond Working Group, the Mayor and Board of Supervisors heard clearly that our city's housing needs are far too great and more funding was necessary,” said Board President Norman Yee. “I am excited to see an additional $100 million increase to the Bond. Without raising any taxes, we are able to present a historic investment to build and to preserve more affordable housing units across San Francisco. For the first time, we are also dedicating funding to expand housing options for fixed-income seniors who are vulnerable to homelessness. From revitalizing public housing for our lowest-income residents to providing more support for middle-income families, we believe this bond will make a real difference in the lives of residents struggling to keep San Francisco their home. I look forward to collaborating with Board colleagues and community stakeholders to send the strongest Bond possible to the voters for their support.”
The Affordable Housing Bond was crafted by a working group chaired by Mayor Breed and President Yee, and four Community Co-Chairs—Myrna Melgar of Jamestown Community Center, Tomiquia Moss of Hamilton Families, Malcolm Yeung of Chinatown Community Development Center, and Anni Chung of Self-Help for the Elderly—along with a diverse group of community leaders, housing activists, nonprofit housing developers, neighborhood representatives, and other stakeholders.
Mayor Breed and Board President Yee introduced the bond at the May 7th Board of Supervisors meeting with co-sponsorship from Supervisors Vallie Brown, Ahsha Safai, Shamann Walton, and Catherine Stefani. If approved by the Board of Supervisors, the Bond will appear on the November 2019 ballot.