The Bay Area has long been known for its housing crisis. San Francisco, San Mateo, and Alameda Counties are three of the top five most expensive rental markets - not just in our state, but our country. Rising rental rates are forcing people to leave the neighborhoods they’ve long called home, disproportionately displacing people of color.
The housing crisis faced by Bay Area residents is one of the leading contributors to poverty and gaps in health and educational outcomes. And it’s hurting our economy, as employers struggle to recruit and retain employees.
But in recent years, a new movement with bold solutions has emerged, bringing the Bay Area into the spotlight for new, exciting strategies to address our region’s housing needs.
We started with an affordable housing revenue ballot measure in San Francisco that secured $310 million for affordable housing in 2015 after 74% of voters said “Yes.” From there, the affordable housing community took the question to three more Bay Area Counties in 2016. Supermajorities in each of the counties votes yes, securing over $2 billion of new investments. The success of all four measures set the table for the California legislature to pass a record number of affordable housing bills – in what became known as the historical housing package of 2017 – that included dedicated state revenue for affordable housing investments.
Now, in 2018, after voters passed Prop 1 and Prop 2 – two statewide measure that collectively raise $6 billion for affordable housing – as well as a smattering of local measures – from dedicated affordable housing revenue measures San Francisco Prop C and Berkeley Measure O to shared revenue measures Berkeley Measure P, Oakland Measure X, Santa Clara County Measure A, and others – it’s clear that housing continues to be the critical issue facing our region and our communities want to create and implement solutions.
This movement is critical. It took public support and political will to get us to this point. After more than a decade of disinvestment from the state and federal governments, we took matters into our own hands to raise badly-needed revenue so we could reinvest back into our communities, for our neighbors, friends, and family.
And it remains critical, as it will take continued public support and strengthened political will to get us to next steps. To truly deliver relief for our communities and make progress on our housing crisis, we all need to stand strong on this issue, as we seek to put those new investments into action.
To support healthy communities, we need our business leaders, our elected officials, and all of our Bay Area neighbors to say yes to affordable housing:
For better schools. So our teachers can afford to stay here and so our students have a safe, stable place to go home to at the end of the school day.
For our economy. To respond to our local business needs, we need to make sure our employers can recruit and retain employees.
To improve traffic. By creating affordable homes close to public transportation and workplaces, we reduce traffic and improve air quality at the same time, while helping parents avoid long commutes that prevent them from spending time with their families.
For our safety. Our first responders deserve a local, affordable home and it’s better for all of us when they live in the communities they serve.
To advance our region’s equity and diversity. Displacement is a critical issue in the Bay Area, disproportionately impacting our communities of color. To preserve our region’s history and diversity, we need to help our long-standing community members stay in their homes.
The Bay Area is shifting from “housing crisis” to “housing solutions,” but we need you to join the movement and help us keep up our momentum of progress. Because a home is so much more than a roof overhead. A home is security. It is stability. It is the foundation for healthy families, racial and economic equity, a thriving economy, and inclusive neighborhoods.
"Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing," said Gioia McCarthy, Bank of America San Francisco-East Bay market president. "Our partnerships with local organizations that address housing needs are just one of the ways we're working to help improve local economies across the country."
Help the Bay Area continue progress and build on our momentum to invest in our communities and create more affordable housing for our seniors, our veterans, people with disabilities, and hard-working families. Learn more at www.nonprofithousing.org.