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Vote YES on Props 1 and 2 to Make a Positive Impact on Bay Area Housing, Jobs and Quality of Life

Monday, November 5th, 2018

As a B corporation*, we’re people who use business as a force for good. We feel it’s our duty to stand behind these propositions for the benefit of the many people in need in our community.

Proposition 1 would provide an additional $4 billion in bonds for housing related programs including $1 billion for loans for veterans who purchase homes in the Bay Area. It also includes $1.5 billion for the Multifamily Housing Program (MHP), which offers loans for the construction, rehabilitation, and preservation of rental housing for persons with incomes of 60 percent or below of the area median income;

Proposition 2 would help address the needs of mentally disabled people and other vulnerable groups.

We believe people of all economic backgrounds should be able to live in the communities in which they work. Our company has a strong tie to the multi-family and affordable housing sectors, and we have been fortunate to provide solar to many Bay Area developments to help keep energy costs down. But even with decreased energy expenses, many people can’t afford the high cost of living in our community.

Based on research about former affordable housing initiatives by Enterprise Community Partners, Inc., here are other categories that may be positively impacted by Props 1 and 2:

Affordable Housing & Household Stability Nearly 19 million U.S. households spend over half of their income on housing, and hundreds of thousands more are homeless. Access to affordable housing provides critical stability and reduces the risk of homelessness.

Affordable Housing & Economic Security High housing costs leave low-income families with little left over for other important expenses, leading to difficult budget trade-offs.

Housing Stability & Education Housing instability jeopardizes children’s performance in school, and quality affordable housing creates a stable environment that improves educational outcomes.

Housing Stability & Health Affordable housing improves health by freeing up resources for food and health care, and increasing access to amenities in quality neighborhoods.

Energy Efficiency Improvements Energy efficient improvements reduce the long-term operating costs of subsidized multifamily buildings, helping to stabilize the portfolios of affordable housing providers, preserve the affordable rental housing stock, and protect tenants from rising utility costs.

Transportation Costs & Access Housing and transportation costs have risen dramatically over the last decade, and many cities lack well-planned transit access for low-income communities. Affordable housing located near public mass transit helps low-income residents save money, access better jobs, improve health, reduce wasted time in transit to their jobs and reach critical community services.

We stand for equity for all, and it is our belief that affordable Bay Area housing should be available to more people, especially those who are at risk of being homeless.

Join us in voting YES for Proposition 1 and Proposition 2 on Tuesday, November 6.

Neighborhood Quality Affordable housing contributes to significant economic impacts including increases in local purchasing power, job creation and new tax revenues, with a neutral or positive effect on surrounding property values.

Affordable Housing for Seniors The number of homeless and unstably housed seniors is projected to grow, creating serious health consequences as they face declining incomes, increased medical costs and housing that may not be designed for their needs. Quality affordable housing may promote better mental and physical health, improved quality of life and independence for low-income seniors.

Together We Can Create a New Era of Affordability and Health On November 6 you have the opportunity to improve the future for yourself, your family and your community. Vote Yes on Props 1 and 2!

 

* (https://bcorporation.net/)

** Impact of Affordable Housing on Families and Communities: A REVIEW OF THE EVIDENCE BASE. https://homeforallsmc.org/wp-content/uploads/2017/05/Impact-of-Affordable-Housing- on-Families-and-Communities.pdf