Mayor floats quarter-billion dollar housing bond

San Francisco Supervisor John Avalos thanked Mayor Ed Lee for introducing a $250 million Affordable Housing General Obligation Bond today but urged him to do more.

Avalos said, “It’s the right thing to do,” explaining that a larger bond could be feasible.

The $250 million bond announced by the mayor and members of the Board of Supervisors Tuesday, if adopted by the board and approved by San Francisco voters in the November election, would be the largest housing bond in San Francisco history, according to the mayor’s office.

This bond, Lee said, would create public housing and affordable housing for low-income and middle-income families.

It would also allow expansion of programs already in place, such as first-time homebuyer programs and the Teacher Next Door program.

Lee said the proposed bond would help the city in reaching its goal of building and rehabilitating 30,000 homes in the city by 2020:

“San Francisco’s housing crisis demands our continued and aggressive action, and this proposed $250 million housing bond will provide the resources we need to speed up the construction of housing for low and middle income families – without raising property taxes.”

This bond, according to Lee, would also help stabilize rental units at risk of evictions and ensure diversity, along with equity and economic vitality, in the city.

The announcement comes just days after hundreds of protesters flooded City Hall demanding Lee take action against evictions happening across the city, especially the Mission District.

The mayor’s office said Lee is committed to investing $2.7 billion to address the city’s affordability crisis over the next 20 years.