Mayor and Supervisors Unveil $3 Billion Housing Trust Fund for November Ballot

Mayor Daniel Lurie and Supervisor Yna Melgar announced a charter amendment that would nearly triple San Francisco's Housing Trust Fund to $125 million per year — unlocking nearly $3 billion over 30 years — for the November 2026 ballot. The announcement, backed by an unusually broad coalition of labor unions, affordable housing advocates, developers, and tenant rights organizations, paired the trust fund expansion with a companion ordinance slashing inclusionary housing requirements and a $70 million preservation bond commitment.

• Charter amendment would expand the Housing Trust Fund from $52M to $125M per year, placing the measure before voters in November 2026

• Companion ordinance cuts inclusionary housing mandates and development fees, following a unanimous expert panel recommendation that current rules have made construction financially infeasible

• $70 million preservation bond pledged for next year to protect existing affordable housing and fund community land trust acquisitions as evictions hit a 10-year high

• Six supervisors co-sponsor the measure — Melgar, Walton, Sauter, Sherrill, Dorsey, and Wong — alongside the mayor

• Labor, housing advocates, and a tenant voice tensions: broad coalition support, but one speaker warned the administration's approach has felt "deeply lopsided" toward private development

Why it matters: San Francisco's local affordable housing funding is projected to run out after 2028. Federal and state dollars are shrinking. Approximately 1,900 affordable housing units have been stalled due to lack of capital. This charter amendment would create a durable, growing revenue source tied to property values — designed to keep funding flowing even when the economy dips.