Supervisors order housing trust fund charter amendment submitted to ballot; aims to reach $125M and allow bonding

Supervisor Melgar presented a charter amendment to expand and extend the city's Housing Trust Fund, proposing a path to eventually reach $125 million by dedicating a portion of future property value growth. Melgar said the change would allow the city to bond against a reliable revenue stream and triple the city’s ability to produce affordable units.

Melgar credited a broad coalition of nonprofit housing developers, labor groups and housing advocates for negotiating an incremental, fiscally responsible approach. She also thanked Mayor Lurie, Controller Greg Wagner, the assessor and city attorney staff for their work on the measure.

Supporters said the amendment pairs with proposed changes to inclusionary requirements to create a package that increases production capacity while giving voters a long‑term commitment to affordable housing. Opponents raised concerns about tradeoffs, emphasizing the uncertainty of ballot approval and the risk of weakening other affordability tools.

On voice votes and roll calls the charter amendment was ordered submitted to the November 3, 2026 ballot without objection on the floor (11 ayes).