Prop A is another faith-based bond measure

October 23rd, 2015 No Comments »
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This measure bears some similarity to the 2014 Transportation Bond, with the same letter A.  In 2014 in an op-ed piece published in the San Francisco Examiner, I characterized that bond as a “Faith Based Proposition”.  The reason for that sobriquet was that the grammar of the bond was so vague as to be meaningless.  Section 3 of the present bond describing who would be covered (i.e. Teachers, rehab rental housing, etc) all promises listed from A to H but with the caveat “May” not “Shall”.  However when comes to paying off the bond, the language changes to “Shall”.

In the Summary of this bond it clearly says that 50% the bond cost can be passed onto tenants.  That is above the annual allowable rent increase.

And according to Markaurus Architecture, Housing and Planning report, it would cost about $500,000 to build one so-called affordable unit if all the bond money was dedicated to affordable housing.  The high price of building is attributed to demand for workers and material due to explosion of luxury housing.  If Mayor Lee spent the entire bond money on housing it would only produce 620 units. In reality this will be a slush fund where Democratic party leaders have joined with realtors, developers, speculators, and corporate interests to sell us out.

— Denise D’Anne

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