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.
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.
FULL STORY: This November, San Francisco Could Get a Little More Affordable
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