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Economy
Plan For More Funding for Low-Income SF Housing
Low-income housing in San Francisco could get a boost this fall if voters approve Mayor Ed Lee's proposal to increase funding.
The city's supervisors voted 8-2 on Tuesday night to place an amendment to the city charter on the November ballot that would create a thirty-year affordable housing fund. If passed, the fund would allocate an estimated $1.5 billion to affordable housing programs over the next thirty years.
The fund will begin at $20 million a year and grow by $2.8 million annually, reaching a cap at $50.8 million.
The money would go to low-income housing developments, provide down payment assistance, and create incentives for private developers of low-income housing.
Supervisor Scott Wiener was among those who voted for the measure. He says the closure of San Francisco's redevelopment agency earlier this year has left a big need for funding.
“We don't have a lot of land, we are a densely populated city, we have a lot of people that want to live here and that's great for our economy,” said Wiener. “But then that puts a lot of pressure on people who are low income or moderate income in terms of being able to stay here."
Supervisors Sean Elsbernd and Carmen Chu cast the only dissenting votes. Elsbernd says the long-term funding commitment could dry up resources for other needs.
