WASHINGTON, D.C. – September 23, 2015 – (RealEstateRama) — Mayor Edwin M. Lee today issued the following statement regarding Governor Jerry Brown’s signing of Senate Bill 107, which takes effect immediately, authorizing San Francisco to use bond financing to expedite the construction of previously-approved affordable housing projects for the Transbay, Mission Bay and Hunters Point Shipyard/Candlestick Point redevelopment areas and allows for the construction of nearly 3,300 affordable homes for the City:
“To address San Francisco’s acute need for more affordable housing, I developed a Blueprint to 10,000 to provide 10,000 affordable homes to low and middle income families and residents by 2020. The Governor’s action today, provides us with another tool to reach our goal of increasing and expediting production of affordable housing to increase affordability for our City’s families.
I am committed to using every tool at my disposal to build more housing, and that includes leveraging local, state, and federal resources. SB 107 provides the City with a powerful tool to build more affordable housing faster in Transbay, Mission Bay and Hunters Point Shipyard redevelopment areas to house our families most in need.
I thank Governor Brown, Senator Leno and the State Legislature for their leadership, and I look forward to continuing our work to accelerate housing construction to address our affordability crisis that has been decades in the making.”
The Mayor’s Blueprint to 10,000 requires five critical pieces of affordable housing legislation including rehabilitating public housing, preserving affordable housing, stabilizing neighborhoods by keeping people in their homes, and keeping neighbors living in their communities, building more affordable units within market rate developments and accelerating and incentivizing the production of more permanently affordable units. These policies and programs will work in concert with the $310 million affordable housing bond that does not raise property taxes proposed for approval by voters in November to ensure delivery of at least 10,780 units by 2020, if not more. Mayor Lee’s planned $2.7 billion investment from the Housing Trust Fund, tax increment and fees over the next 20 years, make up the Mayor’s long-term plan to fight the affordability crisis and shift the balance of housing in the City so that San Francisco remains affordable for low and middle income families over the long term.