SAN FRANCISCO—In an effort to assist educators during the housing crisis, the San Francisco Unified School District and Mayor Edward Lee announced on Wednesday, October 21, that the city is planning to build a 100-unit housing complex for public school teachers and paraprofessionals. The mayor announced that the city of San Francisco hopes to provide housing for at least 500 teachers with these new units.
The project has been discussed over the past four years. The process of construction is said to take place over the next five years and is expected to be completed by 2020. The cost of the housing complex is set at an estimated $44 million.
San Francisco school officials have not disclosed the site in which the housing units will be constructed, but San Francisco officials have stated that the complex will be constructed on property that is already owned by the school district.
The city is reliant on Proposition A, a housing bond to pass during the November 3 election, which would grant $310 million to be allocated to affordable housing programs.
In an effort to advocate support for Proposition A, San Francisco Supervisor London Breed stated: “I’m a graduate of public schools in San Francisco, and honestly I don’t think I would be on the Board of Supervisors but for the support I received from dedicated school teachers along the way. It’s difficult for me to afford living in the City, and Supervisors make more than teachers. Together we are doing everything possible to create stable, affordable homes for our teachers. And this year’s housing bond is a critical part of that effort.”
In order for Proposition A to pass, the measure requires two-thirds of the votes. If it passes, property taxes could potentially increase for San Francisco residents, according to Ballotpedia.
Lee recently announced his intention to use the bond to for the construction and renovation of 30,000 affordable housing units if he is re-elected for the next term.
As it stands, San Francisco currently has some of the highest housing costs in the country. According to the popular site Realtor.com, a service that provides users with homes for sale, approximately 72 percent of the city’s median income is needed to pay the average 30-year, fixed-rate mortgage.
According to a real estate research company, MPF Research, the monthly rent in San Francisco is approximately $2,802. This average makes San Francisco the second-most expensive city to live in, next to New York City.