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Measure V issues $450M for affordable housing programs
Published on 10/12/18, 10:00 AM
The measure would help working families, veterans, seniors, teachers, and other communities.
What 'chu got for me?
Okay, Measure V would issue $450M in general obligation bonds to fund a variety of affordable housing programs. The bonds would be used to:
For Measure V, the City would increase property taxes by 8¢ on every $1,000 of assessed property value. So, for example, the owner of a $1M home would pay an extra $80 in taxes every year. In total, it'd cost taxpayers about $26M a year for the next 40 years.
- Acquire land for development
- Build new housing
- Acquire and rehabilitate existing apartments or homes
For Measure V, the City would increase property taxes by 8¢ on every $1,000 of assessed property value. So, for example, the owner of a $1M home would pay an extra $80 in taxes every year. In total, it'd cost taxpayers about $26M a year for the next 40 years.
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Housing, housing, housing...
Yup, it's a challenge in SJ.
Almost half of SJ renters spend more than a third of their income on housing, and nearly a quarter of renters spend more than half of their salary on housing.
We can't forget about homelessness. On any given night, over 4,350 SJ residents are homeless, of which over 74% are unsheltered. Measure V would fund new housing projects to help transition people living on the street to shelters and long-term units, and create more affordable housing units for low and middle-income residents.
Almost half of SJ renters spend more than a third of their income on housing, and nearly a quarter of renters spend more than half of their salary on housing.
We can't forget about homelessness. On any given night, over 4,350 SJ residents are homeless, of which over 74% are unsheltered. Measure V would fund new housing projects to help transition people living on the street to shelters and long-term units, and create more affordable housing units for low and middle-income residents.
And what's the catch?
Measure V critics, like the Libertarian Party of Santa Clara County and the Silicon Valley Taxpayers Association, argue that the true cause of the housing affordability crisis is restrictive government policies, like excessive zoning, lending, and building regulations, not a lack of financial investment. Rather than addressing the root of the housing crisis, they say Measure V is just an expensive band-aid. And, as opponents of tax increases tend to argue, the cost on taxpayers won't be worth the benefits they'll receive from the new housing projects.
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Pretty much all rights reserved © By The Bay 2018
Pretty much all rights reserved © By The Bay 2018