The real estate industry attacks affordable housing in SF
The California Association of Realtors spends a fortune to mess with SF’s successful affordable housing programs
Campaign finance reports released last week reveal that national and state Realtor organizations have contributed more than $1 million to the campaigns for Propositions P and U – measures that could fundamentally undermine affordable housing in San Francisco and beyond.
The tsunami of money has already begun to churn out slick mailers promising that “Props U & P mean more housing for more people” (emphasis in the original).
This is a very appealing message for a city that is desperate for more affordable housing. But it is a false promise that neither measure can fulfill.
In reality, Proposition U will not create a single new unit of housing. It merely expands the number of people who are eligible to apply for the same number of existing and future inclusionary housing units. Or more precisely, it expands eligibility of ‘middle income’ people to chase after rental housing that had been presently reserved for lower income people. And Proposition U is a one-way street: it does not enable lower income households to apply for ownership units now reserved for middle income households…(more)