The Bay Area Housing Finance Authority (BAHFA) has decided not to place a $20-billion proposal aimed at creating more affordable housing in the Bay Area on the November ballot.
The region, known for its high real estate costs, will not see voters decide on this significant measure this year, delaying potential solutions to its housing affordability crisis.
Recent Decision Reverses Earlier Plans
BAHFA had announced plans just two months prior to introduce the Affordable Housing Bond to voters in November.
However, in a recent shift, they decided against including the borrowing plan in this year’s election, suggesting that 2026 might offer a more favorable timing for its passage.
Funding and Voter Approval Challenges
The proposed $20 billion bond intended to finance the construction and preservation of subsidized housing was to be funded by a surcharge on homeowners’ property taxes.
The measure faced tough prospects as it required over 67 percent voter approval, but recent polls showed only 55 percent support, indicating insufficient backing.
Official Statement on Withdrawal
BAHFA leaders Alfredo Pedroza and Belia Ramos released a statement explaining the board’s decision.
They said, “The BAHFA Board’s decision to withdraw the affordable housing bond measure from this November’s ballot is not one that was taken lightly,” acknowledging the complex nature of the housing crisis and the need for a collective regional effort.
Strategic Delay Explained
The statement from BAHFA continued, “Recent developments have led the board to conclude that the wise choice is to look ahead to another election season for a regional housing measure.”
They are waiting for more certainty and for voters to affirmatively weigh in on Proposition 5.
Foundation for Future Efforts
Pedroza and Ramos emphasized that the groundwork done this year was not in vain.
They said, “Their work to prepare for a November bond measure, and the relationships built along the way, have laid a strong foundation for future success.”
Sector Reactions to the Decision
Heather Hood of Enterprise Community Partners commented on the withdrawal.
She said, “We are recommending that you pull (the measure) from the ballot and I really deeply regret this recommendation,” she said, expressing a sense of deep responsibility and urgency.
Proposition 5 Offers New Hope
In the wake of the decision, attention turns to Proposition 5, a separate measure set for the November ballot that proposes lowering the approval threshold for housing measures from two-thirds to 55 percent.
This change could significantly affect future housing efforts in the Bay Area.
Importance of Strategic Timing
Federal D. Glover, a Contra Costa County Supervisor and BAHFA board member, highlighted the importance of strategy in voter communication.
“We have to be strategic,” he said, pointing to the necessity of choosing the right time to present such critical measures to the public.
Insights from Local Government
Santa Clara County Supervisor Cindy Chavez reflected on the timing of the housing measure.
“We know that we need the best shot in communicating with the voters in a way that helps people understand how important this opportunity is to getting housing built in our community, and that the timing was off,” she said.
Potential Impact of the Bond
The BAHFA had projected that, if approved, the bond would facilitate the creation of approximately 72,000 new affordable homes across the Bay Area.
This illustrates the significant potential impact of the funding on the regional housing landscape.
Continuing the Fight for Affordable Housing
Despite the postponement, BAHFA’s commitment to enhancing affordable housing remains steadfast.
The board is looking forward to resuming its efforts, partnering with local governments and organizations to ultimately achieve their goal of more affordable housing in the Bay Area.
