A significant $20 billion plan aimed at boosting affordable housing in the Bay Area won’t be on the ballot this November. The Bay Area Housing Finance Authority (BAHFA) decided against moving forward with the measure, which would have been the largest affordable housing bond in the country.
Only a couple of months ago, BAHFA’s board was optimistic about putting the Affordable Housing Bond to voters. However, in a recent announcement, they suggested that 2026 might be a more favorable time for such a measure, citing insufficient support from the public.
The funding from this proposal was intended for building and maintaining subsidized housing throughout the Bay Area. The plan included a surcharge on homeowners’ property taxes, which many believed might not be well-received. Recent polls indicated only 55 percent support, when the measure needed over 67 percent to pass.
“Withdrawing this measure from the ballot was not an easy decision for the BAHFA Board,” a statement revealed. “The Bay Area’s housing situation is a complex problem that no single city or county can resolve alone.”
Despite this setback, BAHFA reaffirmed its commitment to enhancing affordable housing in the region. “When the journey to pass a regional funding measure continues, we will collaborate with all nine counties and 101 cities in the Bay Area, along with numerous public, private, and nonprofit partners,” stated Pedroza and Ramos.
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Heather Hood, head of Northern California market for the nonprofit Enterprise Community Partners, expressed concern about the decision but recognized it as a strategic move. She mentioned that removing the proposal could help maintain the collective momentum in fighting for affordable housing.
Moving forward, another proposed measure, Proposition 5, could potentially change the voting threshold from the current two-thirds requirement to 55 percent, which may enhance future chances for similar initiatives.
Contra Costa County Supervisor Federal D. Glover, a member of BAHFA’s board, emphasized the need for clear voter communication regarding the importance of this housing opportunity. Santa Clara County Supervisor Cindy Chavez echoed this sentiment, stating that the timing wasn’t right for this measure.
If passed, the bond could have resulted in the creation of 72,000 new affordable homes across the Bay Area.