No New Taxes, Same Commitment

The Housing Trust Fund Renewal doesn't cost San Franciscans a dime more. It renews funding the city already collects and appropriates each year for housing — it does not create any new tax or raise an existing one.

The proposition changes how the city calculates its annual contribution, tying future funding to growth in local property tax revenue or the General Fund, whichever is greater, so the fund keeps pace with the city's own growth rather than falling behind it. Contributions grow until they reach $125 million a year, up from $50.8 million last year. After that point, increases are capped at 3% annually. To protect the city's fiscal health, contributions can pause during a projected deficit above $250 million, and can be reduced by up to 10% in years when the city draws on its Rainy Day Reserve.

The fund itself was set to expire in 2043. This measure extends it through 2058, locking in a dedicated source of affordable housing funding for another generation.

And the commitment comes with real accountability and none of it can be redirected to other purposes without going back to voters for approval. This isn't a blank check — it's the same disciplined, dedicated funding tool San Francisco has relied on for over a decade, extended and strengthened for the years ahead.