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San Mateo County helped produce 3,070 completed affordable housing units via its Measure K funds since 2016, according to a report from the Housing Leadership Council of San Mateo County.

Measure K, a half-cent countywide sales tax designed to fund local projects, has contributed $192 million to housing projects throughout the county since it was first put in place. Aside from the completed units, 806 are under construction and 914 are in predevelopment, per the report. 

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(1) comment

Terence Y

On the surface this sounds like good news but a closer look shows only about 340 homes have been built each year with developers being gifted between $50k and $60k in taxpayer subsidies to build each affordable housing unit. Again proving affordable homes cannot be built without subsidies. Regardless, I wonder whether initial buyers of affordable homes are still in those homes. Or have they flipped them for a large profit? Meanwhile, it appears there is no progress on reducing costs to develop and build homes.

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