Voters in the nine Bay Area counties will see a $20 billion affordable housing bond from the Bay Area Housing Finance Authority on the ballot in November.
If passed, each county would receive anywhere from $118 million to $2.4 billion.
The funding would be enough to construct at least 72,000 affordable homes throughout the region. Each county and city that receives a bond allocation would also be required to set aside at least 15% for preserving existing affordable housing.
Financing the bond would require an estimated $19 property tax per $100,000 in assessed value. In other words, a home assessed at $1 million could expect to pay around $190 in property tax toward the bond measure.
As an affordable housing bond measure, two-thirds of voters would need to approve it come November.
However, that threshold may be lowered to 55% if voters also approve a constitutional amendment on the ballot.
If a simple majority of voters vote yes on the constitutional amendment, the lowered threshold would then apply to the $20 billion affordable housing bond.
25 comments
The answer is no!
Exactly! How about they stop taxing the crap and choking the citizens so that things are more affordable.
Besides, we all know this is just a smoke and mirrors shell game to plug the budget deficit and put cash in the politicians hands.
Just another way for politicians to shave money from everyone. This is so useless. Get rid of all the illegals that are taking up housing that should be for US citizens and quit blowing money on this crap
Vote yes on more crime!!!!!
How convenient for them not to mention how many decades it would take to pay off the bond and it’s costs.
Keep in mind DEMs blew 24 billion on homelessness over five year period and homelessness went up 58%.
Tired of paying bill, for failed DEM fantasies.
I’d vote no on this.
I will vote against it! But unfortunately, I’m finding that most Bay Area voters vote by “feely” emotions or blind loyalty to the democrat party. And they won’t think for themselves or the consequences. So it’ll probably pass. Too bad I can’t opt out on paying it.
No vote for sure.
This is more sleazy back room politics from Sacramento’s finest Democrats. Unfortunately, a lot of misinformed or just plain dumb California voters will vote for it.
And you wonder why rents for apartments and commercial rents go up.
Let’s raise rents for everyone to build affordable housing.
The democrat government would take the money, and nothing would get resolved. History would just repeat itself, and the dumb dim gullible ones who vote for it would be duped once again.
Greasy Gavin could get his friend and ally China Joe to fire up the inflation spiking funny money printing presses to pay for it.
VOTE NO on the Constitutional Amendment lowering the threshold from a 2/3 vote to an 11/20 vote!
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VOTE NO on the $20 billion bond issuance!
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We’re constantly being told that it costs about $600,000.00 to build each affordable housing unit, but somehow we’re now being told that it’ll cost under $278,000 to build each of the 72,000+ affordable housing units that this $20 billion will supposedly finance. No thank you!!
Not just no. HELL NO.
Sounds like future bond seeding. They want a bond, to be paid for by taxing existing houses, to build more houses. Then, in a few more years, they will again propose a bond, to be paid for by taxing houses, now increased by the taxes already collected. Kind of a pyramid scheme. I also suspect that at least 65% of this money will go to things other than housing.
A big negatory …. more Sacto sleaze
What THE BLACK KNIGHT said!
This new $20B is almost the same amount as what is missing and unaccounted for. You know, the $ that Gavin misplaced.
Just another case of robbing Peter to pay Pablo.
It doesn’t matter how you vote the idiot leaders will fix it to their liking. also known as Democrats. there is still stupid people living among us. vote them all out if you want to save what we might have left or you will be taxed out of existence.
Vote YES!!!! Keep letting the illegals come in and get handouts they use for food and other costs of living. Like housing Medical care and so on. Then the money they get from actually working they go by New Trucks and SUV’s have immaculate houses and luxuries that hard-working Legals never will have. As the middle class continues to struggle to make ends meet because were paying for these illegals. its the biggest crock of SH!T our government feeds us. Affordable housing my A$$. im done and need to go as Im fired up now
I’m voting no. Make that, NO!!!
The real problem with affordable housing are the local governments and their zoning regulations. Eliminate zoning and let the market do it’s thing. That’s how you get affordable housing. But the NIMBYs don’t want that and fight tooth and nail against new construction so nothing will ever change.
Curious what they consider ‘affordable’ in CA under this plan because it’s likely not. As far as the vote is concerned it’s a NO.
NO on both!
This is just nuts. Would saddle present and future generations to pay off the loan. This is a prime example why wage earners are leaving the state and taking their money with them. Keep the 2/3 required for passage of any bond measure.
Guess who’s rent will be going up if this passes? Yep that’s right. RENTERS! The very people who will vote for it.