A $20 billion general obligation bond measure to build and preserve affordable housing in the San Francisco Bay Area has been removed from the Nov. 5 ballot.
The Bay Area Housing Finance Authority (BAHFA) board recently said it made the decision to withdraw the bond measure in all nine Bay Area counties.
It’s a blow to affordable housing supporters. If passed, the ambitious bond would have helped create or preserve an estimated 72,000 additional affordable homes regionwide, doubling production and preservation in the next 15 years to a total of 143,000 affordable homes.
“The BAHFA board has always understood that it would be a steep climb to establish this source of funding,” said officials in a statement. “Recent developments have led the board to conclude that the wise choice is to look ahead to another election season for a regional housing measure when there is more certainty and the voters have weighed in affirmatively on Proposition 5.”Proposition 5, which will be on the Nov. 5 ballot, seeks to allow local bonds for affordable housing and public infrastructure to pass with 55% voter approval. This would lower the threshold from the two-thirds voter approval that is currently required.
The Howard Jarvis Taxpayers Association recently filed a lawsuit saying the ballot label for Proposition 5 is misleading. However, a state appeals panel ruled that the measure can move forward.
It remains uncertain if the Jarvis group would petition the state Supreme Court on the matter, according to officials. The voter outcome on Proposition 5 is also unknown.
The BAHFA board has decided not to simultaneously put the housing bond on the ballot. Now, Proposition 5 will go first.
“BAHFA’s commitment to a regional approach toward solving the Bay Area’s housing affordability problems is stronger than ever,” said the organization. “When the climb toward passage of a regional revenue measure resumes, the Board looks forward to teaming with every one of the Bay Area’s nine counties and 101 cities; and with the hundreds of other public, private, and nonprofit partners who already have invested so much energy into this effort. Their work to prepare for a November bond measure, and the relationships built along the way, have laid a strong foundation for future success. Each step brings us closer to the summit.”
