The billions of dollars generated from voter-approved bond measures in San Francisco help fund a wide variety of city services and projects, from street paving and public health services to strengthening the Embarcadero Seawall. Such bonds also boost affordable housing, as seen in March with a $300 million bond measure to shore up The City’s lagging housing stock.
Supporters say the correction is long overdue, arguing that renters have been shouldering a greater share of the debt even as property-tax rates from bonds remain static. Under the formula set by The City, landlords are allowed to charge renters more when the tax rate from bonds goes up, an exception to the typical rent ceiling known as a “passthrough.”
Those increases add up. Armando Rodriguez said that over the roughly 10 years he’s been living in his Tenderloin apartment, he’s seen bond passthroughs jack up his rent several times, contributing to a ballooning monthly rent bill. SF has made progress on climate action. Here comes the hard part. City leaders and climate activists will continue to call for action on climate despite The City’s fiscal challenges
Peskin, a San Francisco landlord himself, said, “The notion that I could then pass through additional dollars even though my property tax rate is not going up does not seem fair.”
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