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Tuesday, June 9, 2015

Ed Lee Adds $50 Million to the Housing Bond Pot

Posted By on Tue, Jun 9, 2015 at 9:50 AM

click to enlarge DRSERG / SHUTTERSTOCK.COM
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In the first round of affordable housing bond poker, Mayor Ed Lee came in with a proposal of $250 million. Supervisor John Avalos countered with $500 million, an admitted ploy to get Lee to up his figure. Now, a week after housing activists spent seven hours decrying the city's lack of a plan to address the ongoing displacement of working class and Latino families from the Mission District, Lee is ready to up the ante.

Lee is revising his housing bond proposal to add an additional $50 million specifically for affordable housing in the Mission, the San Francisco Examiner reports. The money will be used to acquire sites and build housing. 

According to the San Francisco Business Times, the additional funds are the result of a deal between Lee and Supervisor David Campos, who sponsored the market-rate housing moratorium that failed to pass last week. A key message from the supporters of the moratorium was that the city needs to act quickly to acquire the limited number of sites still available in the neighborhood that could accommodate 40 or more units of housing. 

Per the Business Times, another policy being explored by Campus is a "right of first refusal" for the City to purchase private land that is put on the market. 

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About The Author

Julia Carrie Wong

Julia Carrie Wong's work has appeared in numerous local and national titles including 48hills, Salon, In These Times, The Nation, and The New Yorker.

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