On Monday, June 24, the LWVBA board voted unanimously to support the Bay Area Housing Finance Authority (BAHFA) affordable housing bond measure that will appear on your November ballot in the nine counties of the Bay Area. 
 
In a previous e-blast sent out last year, we informed members that while we supported the Measure in concept, we were deferring a decision on whether to support, oppose or remain neutral. LWVBA expressed our desire to the ABAG Executive Committee and to the BAHFA Oversight Board that the League wanted to see a robust, independent citizen oversight committee in place that exceeded the minimum legal requirements for all general obligation bonds. The LWVBA board has closely followed the development of the Measure for over three years and are ready to extend support. Our support is based upon numerous LWV positions most notably the LWVC Housing Position and Action Policy. 

Housing https://lwvc.org/position/housing-homelessness/
Homelessness Action Policy https://lwvc.org/position/homelessness-action/
 
What we have tracked
The Bay Area Housing Finance Authority launched its business planning process in 2021 with the goal of creating bold, regional solutions to the Bay Area’s housing challenges. In 2022, the ABAG Executive Board and the BAHFA Board asked the BAHFA Oversight Committee and the ABAG Housing Committee (Joint Housing Committees) to undertake preparatory work necessary for an affordable housing general obligation bond measure. During the last two years, the work has involved extensive stakeholder and public engagement, research and analysis. Plus dozens of public meetings were held to solicit input from the BAHFA Advisory Committee, Joint Housing Committees and the Boards. BAHFA staff has made some 80 presentations to cities, counties and civic organizations. 
 
Why is the fundamental aim of the housing bond to provide a robust source of funding to accelerate the construction and preservation of affordable units necessary and critical?

Housing prices and rental fees have skyrocketed for many reasons. Chief among them, from 2015 to 2020 the Bay Area built only 25% of the homes needed. The dataset from the last 8-year RHNA cycle underscores that while market-rate housing is being developed at rates double the state’s targets the number of homes that are affordable to low- and moderate-income residents is well below targets. Providing a robust source of funding to accelerate the construction and preservation of affordable units is a fundamental aim of the housing bond. The Bay Area Affordable Housing Pipeline, May 2024 compiled by Enterprise Community Partners found that there are 433 affordable housing projects that are somewhere in the process of being approved or financed which would result in 10,367 units. These projects are searching for multiple funding sources for a total of $9.7 billion. Proceeds from the Measure can immediately make these units a reality. https://www.enterprisecommunity.org/sites/default/files/2024-05/Bay_Area_Affordable_Housing_Pipeline_Final_05062024.pdf
 
The significant lack of homes affordable to all Bay Area residents – the foundation for health, community, and cultural and economic vibrancy – fuels a web of social challenges:

• Approximately 37,000 unhoused with over 70% unsheltered, highest rate in the U.S.

• 1.4 million renters pay more than 50% of their income on rent and are at high risk of homelessness.

• High rents and home prices cause many residents to live far from work making congestion and pollution much worse. (50% of GHG from vehicles).

• The number of homeless living in proximity to bodies of water increase risk of pollution.

Next Steps
Now that the League is on record in support of the Measure, beginning in early fall LWVBA plans to continue its series of educational forums elucidating how this housing bond measure will provide a robust source of funding to accelerate the construction and preservation of affordable units. See our website for our two previous forums for a quick refresher (Sheri insert a link) Your president or advocacy chair should have received information from LWVBA on the bond Measure. Send comments and questions to lwvbayarea@gmail.com with BAHFA in the subject line.