A ballot decision in November will determine whether San Francisco can sell $310 million in bonds to pay for affordable housing. The proposal coincides with Mayor Ed Lee's campaign for re-election.
It's no secret that housing is particularly unaffordable in San Francisco. "The median asking price for a San Francisco one-bedroom apartment is $3500, $400 more than in New York, the second most-expensive city, according to a report this month by Zumper, an online listing service. In June, the median price of a home was $1.14 million."
Widespread dissatisfaction with those astronomical prices will have political fallout. "Mayor Ed Lee, under pressure to deal with the soaring cost of living as he runs for re-election, is backing a partial fix: a $310 million debt sale to build affordable housing that will go before voters in November."
"If approved by two-thirds of voters, the bonds would be used to advance Lee's effort to build and renovate 30,000 homes over the next five years."
The proposal contradicts a downward trend in municipal debt sales to build housing. "It may revive interest in the bonds as mayors from New York to Seattle seek to add homes for lower-income residents as real estate prices climb."
San Francisco Rents Cheaper Now Than in 2020
Though ‘cheap’ is a relative term.
Push and Pull: The Link Between Walkability and Affordability
The increased demand for walkable urban spaces could make them more and more exclusionary if cities don’t pursue policies to limit displacement and boost affordability.
San Francisco Housing Construction Far Slower Than Other Tech Hubs
Experts blame high land and construction costs and restrictive regulations for San Francisco’s dismal rate of housing construction, which lags behind other fast-growing cities like Austin and Seattle.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
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