San Francisco Mayor Ed Lee did it again. The Mayor successfully secured another term capturing over 56 percent of the vote. While in office, he has committed to make affordable housing a top priority. Does this mean housing advocates can celebrate? Is the controversial fight for affordability over? Of course not.
Here’s a look at three three major housing measures that the election decided and what the results mean for the market…
Yes on Prop A
Backed by newly re-elected Mayor Ed Lee, this $310 million housing bond was supported by 73 percent of voters. The ordinance allows the city to borrow capital by issuing general obligation bonds to fund projects that benefit the community. These bonds allow a municipality to repay the debt through taxation and revenue.
The city will now have the ability to preserve, acquire, rehabilitate, and construct affordable housing for low income residents. And for the first time in San Francisco’s history, there will be public subsidies available for middle income earners. Some of these funds will be allocated to the Mission District and help middle income residents buy their first homes.
While there was great support for this measure, there is question as to how long $310 million will last.
No on Prop F
Fifty-five percent of San Francisco residents voted no to this short-term residential rental measure, also know as the “Airbnb Proposition.”
If the measure had passed, it would have restricted the number of days a person could rent out their home from 90 to 75 days per year. Not surprisingly, Airbnb put up approximately $8 million to fight the proposal. In addition to other limitations, the proposition would have allowed people to sue neighbors who might try to put up their homes for short-term rental.
No on Prop I
The Mission Moratorium was another controversial measure on the ballot that proposed to suspend all market rate housing in the neighborhood for at least 18 months. The measure was defeated as over 57 percent of San Francisco voters said “no.”
Advocates for Prop I oppose what they call the displacement of the population and the extraction of cultural diversity in the Mission District. The failed proposition won’t stop the fight against new market rate developments. According to an article by SF Gate, the author of Prop I, Scott Weaver declared: “This is the beginning of the next chapter — we will continue to fight luxury development.”
So now the election is over, and affordable housing advocates can celebrate a few wins. But the battle, as it were, is far from over.