Merriam-Webster: Debacle: a great disaster b: a complete failure : fiasco
A controversial charter amendment that would require San Francisco to spend nearly $3 billion to boost The City’s affordable housing stock could be knocked off the November ballot.
The affordable-housing measure was placed on the ballot in January by Supervisor Chris Daly…
..At least one supervisor who voted for the housing measure in January said he is giving “serious consideration” to switching his support and voting against it.
Supervisor Jake McGoldrick said after serving as chair of the board’s budget committee, he now realizes how “narrowly constrained” city officials are when balancing the budget due to spending mandates and labor contracts.
If Daly’s housing measure remains on the ballot and is approved by voters, The City would spend about $2.7 billion on creating below-market-rate housing during the next 15 years. It would require spending a baseline amount – $88 million in its first year – on housing in addition to setting aside 2.5 cents for every property-tax dollar for housing needs – estimated at $34 million in its first year. [SF Examiner]
Filed under: Uncategorized | Tagged: San Francisco Board of Supervisors, Chris Daly, San Francisco Budget, below-market-rate housing, Jake McGoldrick, Supervisor Chris Daly, affordable housing, affordable-housing measure, November ballot, Billion Dollar Blunder, Daly debacle
