New legislation would raise San Francisco’s Housing Trust Fund to as much as $125 million per year. The funding mechanism would expand the fund using value capture tied to additional property tax revenue from radical upzoning. The plan would place the trust fund in the City Charter to prevent future officials from diverting the money. A defined revenue stream would allow the city to issue revenue bonds for immediate housing financing. The proposal aims to address a shortfall between the city’s large pipeline of approved affordable homes and available funding. The plan also faces concerns because it coincides with efforts to repeal Prop. I and reduce luxury developers’ affordable-unit requirements.
"Today, more than 17,000 approved affordable homes sit in San Francisco's pipeline - entitled, designed, and waiting. Ready for permits. Ready on zoning. Waiting only for funding. The Housing Trust Fund, as currently structured, falls short of what that pipeline demands. The proposed Charter Amendment can begin to change that. This is a transformation, and we should name it as one."
"The plan is to make sure the trust fund is in the City Charter, so no future mayor or supervisors can divert the money to other purposes. Since it's a defined revenue stream, the city could issue revenue bonds against it, bringing in immediate money for housing. All of that is good."
"In essence, the Trust Fund would grow as part of what we used to call "tax increment financing." The additional property tax money that comes in from the city's radical upzoning would in part (a fairly small part) be dedicated to affordable housing. It's also called "value capture.""
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