The City and County of San Francisco passed an ordinance amending the Administrative Code to authorize the issuance of bonds for financing the acquisition, development, rehabilitation, or construction of middle-income and workforce housing. This ordinance addresses the critical need for affordable housing for middle-income earners, who have been increasingly priced out of the market in San Francisco. The bonds will fund projects that are targeted specifically at workforce households, such as teachers, healthcare workers, and public sector employees, ensuring that these essential workers can afford to live in the city they serve.
This ordinance is a key step in tackling San Francisco’s growing housing affordability crisis, particularly for middle-income households who do not qualify for traditional low-income housing programs but still struggle to find affordable housing. By creating dedicated financing mechanisms for workforce housing, the City aims to bridge the 'missing middle' gap and ensure that essential workers have access to safe and affordable housing.