— agreed to ask voters across the nine counties of the Bay Area to approve an IOU of up to $20 billion dollars. The bulk of the funds would go toward the construction of new subsidized housing projects, with the rest to be spent buying up existing units and on housing-related infrastructure.
The bond is also a test case of a new approach to funding affordable housing in California. State lawmakers gave regional planners across the Bay Area the greenlight to set up the finance authority in 2019. If this first bond passes, most of the proceeds will go out in the form of low-cost loans. But big borrowing comes with a big cost. The authority estimates that paying off principal and interest will add up to nearly $50 billion, to be paid via higher property taxes — a couple hundred dollars per year for the average Bay Area homeowner.
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Source: CalMatters - 🏆 261. / 63 Read more »