SF: Supervisor wants city voters to grow Housing Trust Fund
Supervisor Myrna Melgar said she sees funding for affordable housing in San Francisco approaching a fiscal cliff in the next few years, even as The City must plan for more than 46,000 low- and moderate-income homes to meet state mandates.
The City faces deficits, voter-approved affordable-housing bond money will be running out, and market-rate development that generates cash for affordable housing has been severely depressed.
“It’s an existential crisis, almost,” the District 7 representative said. “San Francisco lacks a sufficient, consistent, predictable source of money for affordable-housing development.”
To help address the looming need, Melgar said she plans this month to introduce a measure for the November ballot that would amend the City Charter to set a $125 million target for San Francisco’s Housing Trust Fund, up from the current $50.8 million.
https://www.sfexaminer.com/news/politics/supervisor-melgar-bigger-fund-needed-for-affordable-housing/article_5590d720-e705-4610-ab59-1126c92ad622.html