San Francisco Examiner: Supervisor Wants City Voters to Grow Housing Trust Fund
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Supervisor Myrna Melgar said she sees funding for affordable housing in San Francisco approaching a fiscal cliff in the next few years, even as The City must plan for more than 46,000 low- and moderate-income homes to meet state mandates.
To help address the looming need, Melgar said she plans this month to introduce a measure for the November ballot that would amend the City Charter to set a $125 million target for San Francisco’s Housing Trust Fund, up from the current $50.8 million.
Her amendment would extend the life of the trust fund and back it with a portion of future property-tax growth starting in fiscal year 2028-29. Further annual growth after the new goal is hit would be based on increases of general-fund discretionary revenue.
“What people have always wanted in the housing world is a predictable, sustainable pot of money that we can rely on and bond against,” Melgar said.
Read more via the San Francisco Examiner…