In December, Mayor London Breed and District 3 Supervisor Aaron Peskin introduced a resolution that would authorize the issuance and appropri- ation of up to $75 million in bond funding for the acquisition and reha- bilitation of multifamily residential buildings that are vulnerable to market pres- sures. It would protect tenants living in those properties by purchasing the buildings and converting them to permanent affordable housing.
The funding would be made possible by unspent general obligation bond authority from 2016’s Proposition C. Peskin, who authored Proposition C, said, “We are finally issuing the first series of bond funding for small site acquisition, out of a quarter of a billion dollars for acquisition and rehabilitation of some of our most at-risk rent-controlled buildings. I’m delighted that the city has identified small-site and single resident occupancy [SRO] acquisitions for immediate acquisition. This is a critical first step in preserving affordable housing stock that would otherwise be lost to an increasingly speculative market.”