(The Center Square)- In San Francisco, individuals can make as much as $145,000 a year and qualify for subsidized rent from city programs. Rent can be nearly $4,000 monthly for a two-bedroom apartment with “affordable housing” subsidized by the city.
To address the issue, San Francisco is asking voters to approve a $300 million bond in 2024 to help pay for more affordable housing.
The $300 million housing bond will be distributed across several areas, including the construction of new affordable homes throughout the city for families, seniors, former public housing project tenants and households currently experiencing homelessness.
The bond, which was unanimously voted on by the board of supervisors, will be placed on the March 2024 ballot and was introduced by Mayor London N. Breed and Board of Supervisors President Aaron Peskin.
“Local affordable housing funding is critical and one solution to addressing our broader housing needs in San Francisco,” said Mayor London Breed in a media release. “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.”
Funds from the bond will also support the preservation and the rehabilitation of existing affordable housing, including $240 million to produce low-income housing, $30 million for affordable housing preservation, and $30 million for victims’ and survivors housing.
The most recent bond passed by the city was in 2019, called the General Obligation Bond, which supported 1,610 new affordable homes, 1,000 public housing units, the preservation of 100 homes, and helped 100 new homeowners with down payments.
Part of San Francisco’s efforts for more affordable housing include the Housing Element, which will allow the city to build over 86,000 homes over the course of eight years, with 46,000 of those designated for low-income residents.
The housing opportunities listed on DAHLIA, a San Francisco housing portal, show a first come, first serve list of apartments with 30 available two-bedroom apartments ranging from $2,258 to $3,950 a month.
