The Board of Supervisors gave final approval to a $310 million affordable housing bond measure slated for the November 2015 ballot. Supervisors unanimously backed the measure, which is part of a five-year, $1.1 billion investment program to spur affordable housing in the increasingly expensive enclave of San Francisco.
Mayor Ed Lee’s welcome of the Board’s vote danced on the edge of hyperbole. “In the truest sense of the word, this investment is historic,” Lee said. “Our city’s housing crisis is decades in the making, but passing this historic bond this November is one of the greatest single steps we can take towards creating more affordable housing for the future. With this bond, we will expand our investments in fixing public housing; speed up the construction of needed housing that is affordable to our families, seniors and veterans; protect existing residents in rent-controlled housing; stabilize existing neighborhoods; and create a middle-class rental and homeownership program to serve families at the cusp of affordability.”