On March 25, 2025, the San Francisco Board of Supervisors adopted a resolution supporting California State Senate Bill No. 417 and Assembly Bill No. 736, together known as the Affordable Housing Bond Act of 2026. These bills would authorize the issuance of $10 billion in state general obligation bonds to finance a broad spectrum of affordable housing efforts, including rental housing, homeownership support, farmworker housing, supportive housing, and energy efficiency upgrades. The bonds will support major programs such as the Multifamily Housing Program, CalHome Program, and Joe Serna Jr. Farmworker Housing Grant Program. The resolution notes the city's significant need for affordable housing, with more than 8,000 residents currently homeless and nearly half of renters spending over 30% of their income on rent. The legislation will appear on the statewide ballot on June 2, 2026, pending approval by the state legislature and governor. This funding is crucial to accelerate the construction and preservation of affordable units, particularly as San Francisco aims to meet its Regional Housing Needs Allocation of over 82,000 units by 2031, including more than 32,000 affordable units.
This resolution reflects San Francisco’s urgent need for affordable housing funding and aligns the city with state-level efforts to expand housing access. If passed, the bond measure will significantly boost development pipelines across the city and statewide.