With polls showing dwindling support for new taxes, Bay Area Housing Finance Authority to vote tomorrow on whether to pull a regional housing bond measure.
A construction crew works on a 290-unit transit-oriented mixed use affordable housing community with 7,200 sq. ft. of non-residential leasing space, seen to the right, in Fremont, Calif., on Wednesday, April 22, 2020. Despite years of studies, enthusiasm from local elected officials and widespread concerns about the Bay Area’s lack of affordable housing, the $20 billion regional housing bond set to appear before voters this November could be cut from the ballot.
The decision comes at the eleventh hour: per California elections code, Wednesday is the last day that BAHFA can withdraw a measure before the November election. With new wording, the amendment could be less appealing to voters. If Prop. 5 doesn’t pass, then the housing bond almost certainly wouldn’t either.
But the bond has not been without critics, who mainly take issue with its high cost. The bond would levy an estimated annual property tax of $18.98 per $100,000 of assessed value, or about $265 per year for a $1.4 million home or commercial property. The total cost, including principal and interest on the bond, isFor BAHFA, it’s a question of whether to spend more money on a measure they have already sunk thousands of dollars into.
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