'Everything rests on this': Will taxpayers loan Bay Area counties $20B to fix housing?
With state and federal funds drying up, banks lending less, and more cities facing budget deficits, tens of thousands of newly proposed affordable homes have been stuck in limbo, unable to get off the ground.
So come this November, Bay Area voters will not only be weighing in on the next U.S. President, but also, whether or not they should step in and loan the nine-county region a total of $20 billion to move those efforts along.
Last week, the commissioners of the Bay Area Housing Finance Authority—a first-of-its kind agency created in 2020—voted unanimously to put the bond measure on ballots to fund new subsidized housing projects, buy up existing homes to make or keep them affordable, and support housing-related infrastructure.
The bond would be funded by property tax increases, with an estimated tax of $19 per $100,000 of assessed value, which shakes out to about $190 per year for a home assessed at $1 million.
https://sfstandard.com/2024/07/02/bay-area-taxpayers-might-fund-largest-housing-bond-ever/