Good News for Recovery: Budget Surplus from Housing Funds
May 27, 2021
By Fernando Marti and Peter Cohen
Last year was tough for everyone: from the pandemic to the murder of George Floyd, to the virulence of the national election, to budget shortfalls locally, we have had to adapt and to struggle for a better future. Amidst all the damage the pandemic has caused, the production and preservation of affordable housing also lagged over the past year. Budget shortfalls put construction projects on hold; and, despite dozens of willing sellers of large apartment buildings, acquisition funding has not been prioritized.
Thankfully, the budget outlook has improved drastically, and, thanks to forward-thinking policies by the Board of Supervisors and the Mayor, millions can be set aside for housing in the coming months following those prerogatives. The City Controller now projects a $153 million budget surplus. Funding for one of today’s most pressing issues, affordable housing, is back, with upwards of $68 million from that projected surplus — money that can be allocated and programmed quickly to build and to acquire hundreds of units of affordable housing.
