Board of Supervisors Votes to Place Affordable Housing Bond on March Ballot

$300 million bond will provide local funding for affordable housing to help meet the City’s aggressive housing goals
November 07, 2023

San Francisco, CA – Today the Board of Supervisors voted unanimously to place a Housing Bond introduced by Mayor London N. Breed and Board of Supervisors President Aaron Peskin on the March 2024 ballot. The $300 million-dollar Housing Bond will be allocated to support the construction of new affordable homes for San Franciscans including families, seniors, residents of former public housing projects, and households experiencing homelessness.   

Funds will also support preservation and rehabilitation of existing affordable housing, including housing for victims and survivors of trafficking and domestic violence, and will help to meet the City’s ambitious housing goals.   

“Local affordable housing funding is critical and one solution to addressing our broader housing needs in San Francisco,” said Mayor London Breed. “We have so much work to do to get housing built on all levels, and this bond will help us reach our affordable housing goal over the next eight years, including providing more affordable housing options for frontline workers and thoughtful accommodations for some of our most vulnerable residents.”   

“San Francisco has a state mandate to build over 46,000 new affordable housing units in the next eight years, but lacks a state or federal funding source for development and construction,” said Board of Supervisors President Aaron Peskin. “This $300 million affordable housing bond is our ongoing local commitment to making the city safer and more affordable – without raising property taxes.  We know that the city is safer when first responders can afford to live in the communities they serve and when women escaping abuse can recover and stabilize in peace. We know that low-income seniors are the single-fastest growing population in San Francisco, with the majority paying over 75% of their fixed-income to stay housed. We know that an investment in homes for working San Franciscans is really an investment in infrastructure that will ensure a safer and more resilient future for all of us.”   

The Housing Bond supports affordable housing across three main categories:  

  • $240M -- Production of low-income housing  
  • $30M -- Affordable Housing Preservation  
  • $30M -- Victims and Survivors Housing  

The City last passed a General Obligation Housing Bond in 2019. That Bond has already supported 1,610 new affordable homes, rehabilitation of nearly 1,000 public housing units, preserved 100 homes, and supported 100 homeowners with down payment assistance.  Typically, each dollar of City bond funds leverages two dollars of other affordable housing financing.    

"Women are so often unseen within the homeless community and therefore underserved. This bond will be a game changer for the thousands of women who experience homelessness each year,” said Sammie Rayner, Chief Impact Officer of Community Housing Forward and Co-founder of the Women’s Housing Coalition. “Our city's budget historically has not prioritized women, with less than 5% of shelter and supportive housing in women-only spaces. Now is the time to bring women's issues into the light and give our community hope that they are valued and deserving of safe housing."  

"Seniors are already marginalized in so many aspects of society, and housing insecurity only exacerbates those challenges," said Anni Chung, Executive Director of Self-Help for the Elderly. "Seniors are being priced out of homes at a faster rate than anyone else, and they are the most at-risk of losing their homes while surviving on a fixed income. We need real investment from the state and federal government, including operating subsidies, but until then this local housing bond is a significant step toward taking care of our most vulnerable community members."  

San Francisco is currently working to implement its Housing Element, which is the City’s effort to allow for 82,000 new homes to be built over the next eight years. Part of those requirements is for over 46,000 of the new homes to be for low-income residents. The Housing Bond would help meet these goals. The City has also formed an Affordable Housing Working Group to help develop strategies to meet the goals of the Housing Element.   

The 10-Year Capital Plan, most recently adopted by the Board of Supervisors on May 19, 2023, includes the proposed 2024 Housing Bond. Published every odd year, the 10-Year Capital Plan is a fiscally constrained expenditure plan that lays out infrastructure investments over the next decade. The City Administrator prepares the document with input from citywide stakeholders, who put forth their best ideas and most realistic estimates of San Francisco's future needs.