November 30, 2021
Today, the SF Board of Supervisors voted to allocate $64 million for affordable housing. Specifically, the money will allow non-profit community organizations to buy small apartment buildings where residents are at risk of displacement. The funds are available because voters passed Proposition I in November 2020, a tax on big real estate transactions to fund rent relief and affordable housing. While $32 million was allocated to rent relief during the budget process, the Mayor’s office declined to allocate the rest for its intended purpose. Today the board righted that error with a vote of 8-3, ensuring a veto-proof majority for passage.
Funds for housing acquisition in this period are essential to intervening in the further corporate consolidation of rental housing in San Francisco. Corporate landlords have amassed billions in profit during the pandemic (with some of the biggest winners in California) and are in an excellent position to buy up properties lost by smaller landlords and homeowners who did not fare as well during the COVID crisis. Mayor Breed has pledged to reform the Small Sites Program in coming months to allow for a more functional acquisition program. Tenants will continue to advocate for changes to these programs that ensure deeper affordability and lasting tenant protections so that the housing we acquire is affordable and high quality forever!
More:
Dec 9, 2021: Seeing Signs of Speculation, SF Allocates Millions to Buy Housing, SF Public Press article and audio story