LOS ANGELES — San Francisco Mayor Edwin Lee announced on May 12 a proposal to put a $250 million affordable housing general obligation bond on the November ballot.
The bonds, which would have to be approved by voters, would not result in an increase in property taxes, according to the mayor's office.
"San Francisco's housing crisis demands our continued and aggressive action, and this proposed $250 million housing bond will provide the resources we need to speed up the construction of housing for low and middle income families — without raising property taxes," Lee said in a prepared statement.
This bond increases "our investments in housing to stabilize existing neighborhoods, increases the affordability for our city's families, and builds on our goal to build and rehabilitate 30,000 new homes by 2020," the mayor said.
Six of the 11 members of the city's Board of Supervisors joined Lee to make the announcement.
Board President London Breed said that "creating affordable housing — and rehabilitating the housing we already have — has been one of my highest priorities on the board of supervisors, and "I am grateful to have Mayor Lee as a partner in these efforts."
Lee said he is committed to investing $2.7 billion to address the city's ongoing affordability crisis over the next 20 years.
The mayor said his five-year affordable housing response plan that will build, rehabilitate and preserve over 10,700 permanently affordable homes for low and middle income families.
Lee developed a group with members of the Board of Supervisors and representatives from different sectors of the real estate industry. The group was asked to develop consensus around eligible uses for the programmatic bond.