Emma Fried-Cassorla reports on the two ballot measures up for vote this November that could provide some welcome assistance in bolstering the city's dwindling supply of affordable housing.
"Proposition C would create a dedicated funding source for moderate income and affordable housing. Proposition E is the major funding source - a business tax overhaul that would provide the program with $28.5 million a year in revenue from business license fees, with the remaining funding coming from hotel taxes."
"Proposition C would restore funding at $20 million per year, increasing annually over 30 years to $51 million. This can fund 4,500 units of affordable housing, establish a $15 million dollar homebuyer assistance program for moderate-income first time homebuyers, and authorize the construction of up to 30,000 low-income rental units. Prop C will also fund housing counseling, foreclosure prevention and home repairs."
"In a city used to bickering over development, there has been surprisingly little opposition to these measures," says Fried-Cassorla.