A housing bond introduced last month by Mayor Ed Lee for the November ballot has received a $50 million boost specifically to build housing in the Mission district, city officials announced Monday.
The additional $50 million for the Affordable Housing Bond brings the bond’s total to $300 million.
The money will go toward site acquisition and construction of housing in the Mission district, the mayor said. The bond is a component of The City’s plan to build, rehabilitate and preserve 30,000 homes by 2020, including more than 10,700 below market-rate homes for low- and middle-income families in The City.
Even at $300 million, the bond will not raise property taxes, city officials said.
“This is a challenging time for our city with [a] housing crisis that demands our continued coordinated action and leadership,” Lee said in a statement. “We know the Mission neighborhood needs more affordable housing, and that is why we must work together to aggressively build more affordable housing in the Mission to stabilize the neighborhood and keep families in our city.”
The additional $50 million, identified by the City Controller, follows a nearly nine-hour long meeting at the Board of Supervisors last week in which hundreds of Mission residents urged the board to temporarily halt market-rate housing development in the Mission. The board voted 7 to 4 to adopt the moratorium, but the vote required nine votes for approval.
Supervisor David Campos, who introduced the Mission moratorium, said in a statement Monday that he is grateful for the $50 million dedicated to building below market-rate housing in the Mission but emphasized there is limited land in the neighborhood.
“While we appreciate the mayor’s commitment to helping the Mission, many San Franciscans believe the bond is still too small,” Campos said. “There are very few sites left for affordable housing throughout The City and without an aggressive land acquisition plan, they will soon be gone.”
Last month, Supervisor John Avalos introduced a separate $500 million housing bond. It is all but certain that both bonds will not head to the ballot in November.
“I’m committed to working with the mayor on the housing bond,” Avalos said in a statement to The Examiner. “I’m glad to see he’s willing to work on a larger bond as I have been pushing for.”