Deal reached to provide more affordable housing in San Francisco
If approved, the 114 million dollars in spending will include about a third of the money for land acquisition, 20 dollars million for repairs in pre-existing public and U.S. Department of Housing and Urban Development-subsidized housing, 12 million dollars for affordable housing for educators and 10 million dollars for elevator renovations in single-room occupancy hotels.
About 30 million dollars will also go to housing sites specifically for the Asian and Pacific Islander community, in accordance with Supervisor Connie Chan's API Equity Fund.
The spending package is funded by money from Supervisor Dean Preston's Proposition I, a ballot measure approved by voters in 2020 that increases the transfer tax for real estate sales of more than 10 million dollars. The tax is estimated to bring in another 170 million dollars into the city annually over the next five years.