San Francisco Puts Affordable Housing Up For a Vote

Boasting some of the highest housing prices in the country, and rising, San Francisco is in desperate need of affordable housing. This November, the city's voters will have a chance to try to remedy the situation with two ballot measures.
October 5, 2012, 8am PDT | Jonathan Nettler | @nettsj
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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 overhaulthat 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 unitsof 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. 

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Published on Thursday, October 4, 2012 in Next American City
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