First-of-its-kind regional bond could help build or preserve 90,000 affordable homes.
FREMONT, CA – APRIL 22: 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. Under tightened coronavirus pandemic health orders, most of the Bay Area’s normally buzzing construction sites have gone silent but works continues on housing projects with affordable units.
Opponents at the public meeting said the bonds would be paid for by a painful tax increase that would inevitably lead to wasteful public spending without genuine accountability. Some also raised concerns about what the region’s continued push to build more affordable housing could mean for public services, congestion and homeowners’ property values.
According to a recent poll commissioned by the finance authority, 54% of voters would support the bond measure, below the threshold needed to pass. At the same time, 68% said local taxes are already high enough and would vote against any tax increase, though pollsters explained some of those voters also expressed support for the bond measure.
San Francisco alone has approved four bond measures since 2015, totaling $1.47 billion. Voters in Oakland, Berkeley, Alameda County, and Santa Clara County have together authorized billions of dollars for affordable housing in recent years. Those measures required a two-thirds majority to pass. Santa Clara County would receive $2.4 billion, San Mateo County $2.1 billion, Alameda County $2 billion and Contra Costa County $1.9 billion. San Francisco would see $2.4 billion, San Jose $2.1 billion and Oakland $765 million.that still need financing, according to a recent report from the affordable housing financing group Enterprise Community Partners.
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