In a joint announcement, Supervisors John Avalos, David Campos, Jane Kim, Eric Mar and Norman Yee announced that they had ” successfully negotiated an additional $25 million for affordable housing as part of San Francisco’s city budget as well as an additional $60 million to be included in the Housing Bond.”
Here is the contents of the announcement.
The Housing Bond, which will now be for $310 million dollars without raising property taxes, will go before voters in November. Due to these successful negotiations we are united in supporting both the City’s budget as well as the Housing Bond.
As the city faces increasing pressure to address a nationally publicized housing crisis, accelerated gentrification and widespread displacement, this coalition of Supervisors has been focused on concrete solutions to address the inequities in the wealthiest city, in the wealthiest country in the world.
This funding will be used to acquire land, protect existing housing, and develop new affordable housing projects, thereby limiting displacement, spurring economic development and preserving the economic and racial diversity of our city.
This outcome would not have been possible without the organizing efforts by so many community members from neighborhoods across the city, particularly from the Mission, who have demanded action by their City Government to address the housing crisis that we are facing.
We look forward to working with the Mayor’s Office to put this money to work for the 60 percent of San Franciscans that qualify for below-market rate housing.