FOR IMMEDIATE RELEASE - October 1, 2024
Contact: Preston Kilgore | 717-468-9103 | Preston.Kilgore@sfgov.org
1.3 Million Affordable Homes: Supervisor Preston’s Resolution to Support AOC’s Historic “Homes Act” Passed Unanimously
SAN FRANCISCO — Today, the Board of Supervisors unanimously approved Supervisor Preston’s resolution in support of the Homes Act by Representative Alexandria Ocasio-Cortez (D - NY) and Senator Tina Smith (D - MN). The legislation aims to tackle the housing crisis by establishing a national Housing Development Authority to create 1.25 million housing units, including 876,000 for extremely and very low-income households.
“The Homes Act will deliver desperately needed social housing in San Francisco and across the nation,” said Supervisor Preston, a longtime tenant lawyer and housing advocate. “This bill would transform our housing system by creating true housing stability for millions of Americans who are currently priced out of the for-profit housing market.”
The Homes Act proposes a $300 billion investment in affordable housing, with rent caps ensuring affordability for low-income families. It also aims to create over 400,000 jobs annually, prioritizing equitable opportunities for marginalized communities.
“Every day, we see families grappling with the harsh reality of the housing crisis—skyrocketing rents, evictions, and homelessness—while big banks and Wall Street prioritize profit over people. The Homes Act is our bold response to this crisis, investing $300 billion over the next decade to ensure everyone can access an affordable home,” said Rep Ocasio-Cortez.
The bill promotes social housing, where real estate is treated as a public good, not a commodity. It proposes constructing homes that remain permanently affordable, whether for rent or homeownership. In a New York Times op-ed, Senator Smith and Representative Ocasio-Cortez noted, “We know that housing looks a lot different in Bemidji, Minn., than in the Bronx. It shouldn’t be a one-size-fits-all approach. That’s why our bill tasks local governments, unions, and nonprofits with developing homes that fit the needs of local communities.”
Supervisor Preston’s resolution builds on his ongoing work advocating for social housing in San Francisco, including a ballot measure authorizing 10,000 units of social housing, a tax on wealthy real estate investors that’s raised hundreds of millions of dollars for social housing, an unprecedented $74 million city investment in land trusts, and his resolution passed in April 2024 that leverages the federal Faircloth-to-RAD option to create 3,668 new deeply affordable units. The Homes Act aligns with these local efforts and would, among other impacts, repeal the disastrous Faircloth Amendment, allowing for new public housing nationwide.
San Francisco has a mandate under its Housing Element to build 46,598 affordable housing units by 2031, but most agree that federal support will be essential to reaching that goal. If passed, the Homes Act would help provide the resources to meet these targets and ensure housing stability for families across San Francisco.
The Homes Act also addresses the climate crisis by promoting climate-resilient, zero-emission buildings, in line with San Francisco’s environmental goals. It includes provisions to support shared equity homeownership models, protect tenants from displacement, and ensure that affordable housing is accessible to all communities.
“The housing affordability crisis is a national emergency, and the Homes Act represents the kind of bold federal action needed to address it. We must make housing a human right in our nation,” said Supervisor Preston.
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