This November, voters have the opportunity to let their voices be heard on a critical concern for many Californians–Affordable Housing. The proposed Bay Area Affordable Housing Bond (Regional Measure 4) is expected to generate $20 billion for constructing new affordable housing and preserving existing affordable units in the Bay Area.
Basics of Regional Measure 4’s Affordable Housing
Here’s what you need to know when deciding on this measure:
- Tax Impact: Estimated average property tax increase of $20 per $100,000 of assessed home value.
- Voter Approval: Requires either two-thirds majority or 55% majority if Assembly Constitutional Amendment 1 (ACA 1) passes in November.
- Fund Allocation:
- 80% directly to Bay Area counties and designated cities.
- 20% for a regional program managed by BAHFA.
- Alameda County is expected to receive $2 billion of the funding.
- Spending Requirements:
- At least 52% on new affordable housing construction.
- At least 15% on preserving existing affordable housing.
- Up to 33% on either construction/preservation or related infrastructure.
- Oversight:
- Citizens’ Oversight Committee to review expenditures.
- Independent annual performance audit.
- Strict adherence to labor standards and cost limitations.
Important Note: This is a general obligation bond, meaning it will be repaid through increased property taxes. The total cost, including interest, is estimated to be $48 billion.
Why Is Affordable Housing Important to Alameda?
Affordable housing plays a crucial role in fostering thriving and inclusive communities. The chamber supports affordable housing as part of its strategic plan because it ensures individuals and families across all income levels can access safe, stable, and decent homes. This in turn promotes economic stability and reduces the risk of homelessness. By providing affordable housing options, we can attract and retain a diverse workforce, including essential workers like teachers, healthcare providers, and public safety personnel. Additionally, affordable housing can stimulate the local economy by freeing up household income for other essential goods and services. It creates a sense of belonging as residents from diverse backgrounds have the opportunity to interact and contribute to the vibrancy of their neighborhoods.
Plus, it’s good for business. Businesses have a wide variety of needs when it comes to the workforce. From entry-level to management, we want Alameda employees to be able to live where they work. There are communities across the country where people accept jobs only to realize they can’t find housing in their price range. This hurts the reputation of the community and the businesses that are recruiting and growing. Additionally, when employees must live elsewhere, there are additional cost factors that go into accepting a position such as the cost of the commute–both financial and emotional stress, the latter has a higher correlation to job burnout, especially among healthcare workers.
Should I Vote for Regional Measure 4?
Your vote on this bond is a personal matter but here at the Chamber we encourage you to learn more about it before voting in November. Businesses must understand the potential benefits and costs of this significant investment in affordable housing. It’s easy to look at the tax implications and decide it’s not something you want but when considering its impact on the larger community, it’s important to understand its impact on the economy and our growth potential.
