March 2024: Vote Yes on Proposition A to Fund Affordable Housing
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San Francisco League of Conservation Voters urges a YES vote on Proposition A – the Affordable Housing Bond. Your vote in favor of Proposition A may be one of the most important environmental votes you make in this election because the proposition must receive ⅔ “yes” votes to pass. We need every vote on this critical step to reduce greenhouse gas emissions by helping more people live closer to where they work. San Francisco’s Climate Action Plan sets a goal to build at least 5,000 new housing units per year, with not less than 30% affordable units. “[I]n order to solve the climate crisis, we have to solve the housing crisis. … ‘infill’ housing — that is, housing built in urban areas, near transit, jobs and services — can reduce greenhouse gas pollution more effectively than any other option.”
San Francisco needs more affordable housing to increase vulnerable populations’ access to housing. Prop A will help fulfill the city’s housing element requirement to build 46,598 very low- to moderate-income housing units over the next 8 years. If approved, Proposition A will authorize the city to borrow up to $300 million by issuing a general obligation bond to invest:
Up to $240 million in construction of new rental housing, including senior and workforce housing, for extremely low-income, very low-income, and lower-income households;
Up to $30 million to preserve existing rental housing as affordable housing for lower-income and moderate-income households; and
Up to $30 million in housing for extremely low-income, very low-income, and/or lower-income households experiencing violence, human trafficking, or other trauma relating to being unhoused.
“Extremely-low” income means households earning 30% of median income for San Francisco as defined by the Mayor’s Office of Housing and Community Development; “very low-income” means households earning up to 50% of median income; “lower-income” means households earning up to 80% of median income; and “moderate-income” are households earning up to 120% of median income. To ensure the funds are used as intended on these three categories of investments, the spending of the bond dollars will be overseen by the Citizens’ General Obligation Bond Oversight Committee.
Recognizing that new and rehabilitated housing should be more energy and water-efficient, the bond ordinance findings provide that it is in the city’s best interest that all housing, including affordable housing, be built according to the strongest possible climate standards and the city’s green building codes. Recipients of funding from the bond proceeds are also strongly encouraged to work with local climate advocates to develop and implement these climate standards.
Landlords would be allowed to pass up to 50% of any property tax increases resulting from the bond through to tenants; an appeals process to waive the pass-through costs would be established. The Controller’s Office estimates that the highest annual property tax cost of the bond for an owner of a home with an assessed value of $700,000 would be about $55.00. As with all general obligation bonds, the housing bond would be issued as older bonds are repaid.
The Mayor and the Board of Supervisors unanimously support this housing bond. SFLCV also enthusiastically supports it given the essential role increased housing plays in addressing the climate crisis. We strongly recommend a YES vote on Proposition A.
Read more about Prop A here.