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San Mateo County supervisors voted unanimously to allocate more than $40 million to spur the development of new affordable housing.
More than $21 million in funding is from the voter-approved Measure K half-cent sales tax, which provides funds for local needs. Spread across seven projects, the funds would contribute to creating 431 new units of affordable housing from Daly City to Menlo Park.
In addition to Measure K funds, sources include $16,505,645 in Moving to Work program dollars from the county’s housing authority which targeted the federal dollars to increase housing choices for low-income families.
The developments are Hill Street Apartments in Belmont, which would provide 37 new units on a city-owned parcel at Hill Street and El Camino Real near the Caltrain station; Cypress Point in Moss Beach to provide 71 new units at Carlos and Sierra streets in Moss Beach; Ridge@Ralston in Belmont to provide 65 units less than two blocks east of Caltrain and El Camino Real; 493 Eastmoor in Daly City for 72 units at the northwest corner of Eastmoor and Sullivan avenues, a short walk from the Colma BART station; Rotary Gardens in South San Francisco to create 80 units of senior housing downtown; Independence Drive in Menlo Park for 18 affordable townhomes for first-time homeowners; and Serramonte del Rey in Daly City for 88 units off Serramonte Boulevard.
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(1) comment
Now when it’s said that this $40 million is allocated for new affordable housing, how exactly is this occurring? I see this $40 million as money given to “entice” developers to develop affordable housing - essentially taxpayers providing profit margins for developers. Is there anything wrong with that? Yes, if you’re discriminating against everyone not considered “affordable.” However, if you used non-taxpayer funds for these subsidies, go for it...
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