San Francisco, California, Affordable Housing Bond Issue, Proposition C (November 2016)

• Text of measure
  • Ballot question
• Path to the ballot
• See also
  • External links
  • Footnotes
• More
  • Local ballot measures
  • State ballot measures
  • Local politics

Proposition C: San Francisco Affordable Housing Bond Issue
The basics
Election date:
November 8, 2016
Status:
a Approved Majority required: 66.67%
Topic:
City bonds
Related articles
City bonds on the ballot November 8, 2016 ballot measures in California San Francisco County, California ballot measures
See also
San Francisco, California

A bond issue was on the ballot for San Francisco voters in San Francisco County, California, on November 8, 2016. It was approved.

A yes vote was a vote in favor of authorizing the city to issue $260.7 million general obligation bonds originally approved by voters in 1992 and repurposing the bonds to fund the purchase and improvement of buildings in need of safety upgrades in order to covert them intro affordable housing.

A no vote was a vote against allowing the city to issue and repurpose $260.7 million in general obligation bonds.

City officials estimated that a property tax rate of $1.2 per $100,000 in assessed value would be required to repay the bonds.

A two-thirds (66.67%) vote was required for the approval of Proposition C.

Election results

Proposition C
Result		Votes	Percentage
a Yes		270,113	76.7%
No		82,035	23.3%

Election results from San Francisco Department of Elections

Text of measure

Ballot question

The following question appeared on the ballot:

“

To Amend 1992 voter approved measure Proposition A, to allow as an additional purpose the incurrence of bonded indebtedness to finance the acquisition, improvement, and rehabilitation of at-risk multi-unit residential buildings and to convert such structures to permanent affordable housing; shall the City and County of San Francisco issue up to $260,700,000 in general obligation bonds, subject to independent citizen oversight and regular audits?

”

Simplification digest

The following summary of Proposition B was provided by San Francisco's Ballot Simplification Committee:

“ The Way It Is Now: In November 1992, San Francisco voters approved an ordinance authorizing the City to issue up to $350 million in general obligation bonds to seismically upgrade unreinforced masonry buildings that are at risk from strong earthquakes. The City was required to use the money from these bonds for the following purposes: • $150 million to provide loans to pay for seismic upgrades to unreinforced masonry buildings for affordable housing (Affordable Housing Loan Program); and • $200 million to provide loans to pay for seismic upgrades to market-rate residential, commercial and institutional unreinforced masonry buildings (Market Rate Loan Program). The City has issued approximately $45 million in loans under the Affordable Housing Loan Program and approximately $50 million in loans under the Market Rate Loan Program. Approximately $261 million can still be issued under the 1992 ordinance. The Proposal: Proposition C is an ordinance that would change the way the City is allowed to use the remaining $261 million in general obligation bonds. In addition to the purposes specified in the 1992 ordinance, this Proposition would allow funds to be used for loans to acquire, improve and rehabilitate at-risk multi-unit residential buildings in need of seismic, fire, health or safety upgrades or other major rehabilitation; and convert those buildings to permanent affordable housing. A multi-unit residential building is a building with three or more units. A “YES” Vote Means: If you vote “yes,” you want to allow the City to spend the unused $261 million from the 1992 general obligation bond ordinance to provide loans to acquire, improve and rehabilitate at-risk multi-unit residential buildings in need of seismic, fire, health or safety upgrades or other major rehabilitation; and convert those buildings to permanent affordable housing. A “NO” Vote Means: If you vote “no,” you do not want to make these changes. ”

Fiscal impact

The following fiscal impact statement about Proposition B was provided by the San Francisco Controller:

“ City Controller Ben Rosenfield has issued the following statement on the fiscal impact of Proposition C: Should the proposed charter amendment be approved by the voters, in my opinion, it would have a minimal impact on the cost of government. In 1992, San Francisco voters authorized the sale of $350 million of general obligation bonds for the Seismic Safety Loan Program (SSLP), to provide loans for the seismic strengthening of unreinforced masonry buildings. The proposed amendment changes the authorized use of these bond funds, for which approximately $260 million remains authorized but unissued. The proposed amendment would increase the cost of government by approximately $150,000 annually for the administration of loans issued through the changes in SSLP authorized uses. The proposed authorized uses include financing the cost to acquire, improve, and rehabilitate at risk multi-residential buildings (defined as three or more units) in need of seismic, fire, health and safety upgrades or other major rehabilitation for habitability, including mixed-use residential buildings in order to convert such structures to permanent affordable housing. The City can issue up to $35,000,000 in SSLP bonds per fiscal year. Assuming maximum demand for loans under the proposed expanded eligible use provisions, the total net cost to the City would be approximately $78 million over 22 years. The estimated annual impact to the property tax levy would be approximately 0.0012 percent, or $7.21 per $600,000 of net assessed value. These estimates are based on projections only, which are not binding upon the City. Projections and estimates may vary due to the timing of bond sales, the amount of bonds sold at each sale, and actual assessed valuation over the term of repayment of the bonds. Hence, the actual tax rate and the years in which such rates are applicable may vary from those estimated above. The City's current debt management policy is to issue new general obligation bonds while maintaining the City’s property tax level to not exceed the 2006 property tax rate. ”

Media editorials

Support

• San Francisco Chronicle: "The measure would take that bonding power and switch it to housing, particularly rundown buildings where evictions and displacement are a worry. A cheaper fix-up project financed by the city wouldn’t risk booting out tenants, the theory goes. The city would spend only $35 million per year on this goal, a quota that will keep San Francisco’s overall bond debts within desired limits. Once the bonds are sold, the cost will be borne by all property owners at a cost of $7.21 per assessed value. That’s a small price to pay to make a reasonable dent in the city’s chronic housing situation. If there’s a risk with this sensible idea, it may be voter confusion or fatigue in facing more than 30 state, city and regional measures. Housing needs shouldn’t be forgotten in this mix. Vote yes on Prop. C."

• The Bay Area Reporter recommended a yes vote for Proposition C.

• San Francisco Bay Guardian: "Back in 1992, the voters approved $350 million in bonds to make loans to property owners for seismic upgrades. For whatever reason, most of that money was never spent, and there’s at least $200 million left in the fund. Prop. C doesn’t add any additional bonds or taxes; it would just allow the city to redirect existing approved money to the acquisition and rehab of affordable housing. This one’s easy – vote yes."

• San Francisco Examiner: "It is a smart use of money San Francisco already has, making The City safer and protecting affordability. Prop. C would expand the permitted uses of the bond money to allow for upgrades of our affordable housing stock."

Opposition

Email editor@ballotpedia.org to submit media editorials that should be posted here.

Path to the ballot

See also: Laws governing local ballot measures in California

This measure was put on the ballot through a unanimous vote of the 11-member San Francisco board of supervisors.

San Francisco housing on the ballot in 2016

Housing has appeared on the San Francisco ballot in 2012, 2014, 2015 and 2016. Most recently one measure was approved in June 2016 calling for giving the San Francisco Board of Supervisors the authority to amend existing and impose new affordable housing requirements via ordinance, a faster method than the previously used charter amendments.

Four measures were voted on in the November 2016 election; two were approved and two were defeated. The approval of 2015's Proposition A, which approved up to $310 million in bonds to fund affordable housing programs is said to have led to the four measures appearing on the November ballot. In particular, they focus on improving the availability of affordable housing in San Francisco: issuing and re-purposing $260.7 million in bonds to fund the purchase and improvement of buildings to convert them to affordable housing; amending the city's charter to create a Housing and Development Commission; requiring three competing proposals to the mayor's Office of Housing and Community Development for any affordable housing projects on city-owned property; and increasing the rental rate that qualifies a unit towards affordable housing minimum requirements to a rate affordable by a household with an income level of up to 110 percent of the median income.

June 2016:

• San Francisco, California, Affordable Housing Requirements Charter Amendment, Proposition C (June 2016) a

November 2016:

• San Francisco, California, Affordable Housing Bond Issue, Proposition C (November 2016) a
• San Francisco, California, Housing and Development Commission Establishment Amendment, Proposition M (November 2016) d
• San Francisco, California, Minimum Three-Proposal Requirement for Affordable Housing Projects on City Property, Proposition P (November 2016) d
• San Francisco, California, Increased Income Qualifications for Affordable Housing, Proposition U (November 2016) a

Recent news

The link below is to the most recent stories in a Google news search for the terms San Francisco affordable housing bonds Proposition C. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

San Francisco, California, Affordable Housing Bond Issue, Proposition C (November 2016) - Google News

See also

Local measures

• Local measures in 2016
• City bonds on the ballot

• San Francisco County measures

California

• November 8, 2016 measures in California
• Local ballot measures, California
• San Francisco, California

News and analysis

• State and local preemption conflicts
• Measures advancing national agendas

External links

Suggest a link

• San Francisco County Elections Office website
• Housing Forward SF - Yes on C & M, No on P & U