San Francisco Proposition G
Funding Rental Subsidies for Affordable Housing Developments Serving Low Income Seniors, Families, and Persons with Disabilities
If this measure is passed, San Francisco would set aside millions of dollars each year for a special fund that would be used to subsidize rents for low-income seniors, families and people with disabilities. The measure calls for target expenditures to begin at $8.2 million each year. The annual amount could increase with city revenues or be cut when it faces a large deficit, but to no less than $4 million. The funds would go to those who are considered to have extremely low incomes because their annual wages amount to less than 35% of the region’s median level.
The new Housing Opportunity Fund wouldn’t be supported by a new tax, but it’s unclear exactly where The City’s contributions to it would come from. Backers say that existing funding sources for affordable housing would be enough to cover the expenses.
Argument for: For many of San Francisco’s poorest residents, even the deeply discounted rentals offered by The City’s affordable-housing properties remain prohibitively expensive. This measure commits San Francisco to providing more consistent funding to subsidize those low-income renters, ensuring that they will be able to benefit from The City’s growing stock of affordable apartments.
Argument against: The measure will add new, mandated city spending at a time of soaring deficits, putting even more pressure on other essential city services, such as public safety, infrastructure and education. And while those services provide a clear benefit for The City as a whole, rental subsidies will only benefit the small subset of tenants lucky enough to take part.
https://www.sfexaminer.com/news/politics/2024-sf-voter-guide-local-propositions-measures-on-ballot/article_97615262-7776-11ef-913a-ebf36660f047.html