Mayor Ed Lee’s proposal to create a dedicated funding stream for moderate-income and affordable housing will go before voters in November after the Board of Supervisors voted eight to two on Tuesday to put in on the ballot.
The amendment to the City Charter is designed to generate from $20 million to almost $51 million a year for 30 years for housing programs, including directly funding 4,500 affordable housing units and providing middle-income residents with up to $100,000 in down payment assistance. The plan is also designed to stimulate private development.
It comes in response to Gov. Jerry Brown’s move earlier this year to eliminate redevelopment agencies, which had been the primary source of San Francisco’s affordable housing.