SAN FRANCISCO, Aug. 14, 2024 /PRNewswire/ --Bay Area Housing Finance Authority (BAHFA) Chair Alfredo Pedroza and Belia Ramos, president of the Association of Bay Area Governments (ABAG)'s Executive Board today issued a joint statement following BAHFA's decision this morning to remove a $20 billion general obligation bond measure for the production and preservation of affordable housing from the November 5 general election ballot in all nine Bay Area counties:

"The BAHFA Board's decision to withdraw the affordable housing bond measure from this November's ballot is not one that was taken lightly. The Bay Area's housing affordability crisis has been decades in the making and is far too big for any one city or county to solve on its own. This is the reason the state Legislature established BAHFA. A robust source of funding for safe and affordable housing across our diverse, nine-county region is essential to the Bay Area's economic and environmental health and to its residents' quality of life.

"The BAHFA Board has always understood that it would be a steep climb to establish this source of funding. Recent developments have led the Board to conclude that the wise choice is to look ahead to another election season for a regional housing measure when there is more certainty and the voters have weighed in affirmatively on Proposition 5.

"In the meantime, BAHFA will continue to work on increasing the production of housing at all income levels, to preserve existing affordable housing, and to protect current residents from displacement. This includes maintaining, refining and expanding pilot programs such as the online Doorway Housing portal that makes it easier for prospective tenants to find and apply for affordable housing throughout the region and easier for developers and property managers to lease up their apartments; working to move thousands of planned housing units through the predevelopment pipeline; and implementing innovative programs to preserve affordable housing and prevent homelessness.

"BAHFA's commitment to a regional approach toward solving the Bay Area's housing affordability problems is stronger than ever. When the climb toward passage of a regional revenue measure resumes, the Board looks forward to teaming with every one of the Bay Area's nine counties and 101 cities; and with the hundreds of other public, private and nonprofit partners who already have invested so much energy into this effort. Their work to prepare for a November bond measure, and the relationships built along the way, have laid a strong foundation for future success. Each step brings us closer to the summit."

BAHFA is jointly governed by the ABAG's Executive Board and by the BAHFA Board, which is comprised of the same membership as the Metropolitan Transportation Commission (MTC). BAHFA and MTC Chair Pedroza and ABAG Executive Board President Ramos both also serve as members of the Napa County Board of Supervisors.

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SOURCE Metropolitan Transportation Commission