Yes on Proposition B
Healthcare, Streets, and Shelters Bond
What is it?
This is a $390 million bond measure that principally would fund:
- Major healthcare facility improvements: $205 million for community health centers, SF General, and Laguna Honda Hospitals, including seismic retrofits.
- Urban infrastructure and public space enhancements: $135 million for street safety, downtown modernization, Harvey Milk Plaza, and parks.
- Addressing homelessness: $50 million allocated for homeless shelters and interim housing.
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Fiscal impacts
The general obligation bond is for $390 million, and will be paid for via existing property taxes. On average that will cost $6.90 per $100,000 in property value, annually for thirty years. The total repayment amount will be approximately $737 million.
Why is this on the ballot?
California Government Code section 53506 and Article XVI of the California Constitution mandate that general obligation bonds of this size be put to a vote. Bonds must be approved by the voters by a 66.66% + 1 majority.
- Sponsors: Mayor Breed, Supervisor Aaron Peskin,
- Co-Sponsors: Supervisors Rafael Mandelman, Hillary Ronen, Catherine Stefani, Myrna Melgar, Matt Dorsey, Joel Engardio, and Dean Preston
- Placed on ballot by: Unanimously by all Supervisors
Why vote Yes?
We have a chronic homelessness crisis, and a flagging downtown that has an empty office rate exceeding 30%. Zuckerberg Chan General Hospital, Chinatown Public Health Center, and Laguna Honda are all in need of repair and seismic renovation. The City Clinic needs to be moved. Our sidewalks, parks, and downtown spaces are in disrepair in regions across the city, but we have just one crew assigned to repair the city's 13,000 blocks of sidewalk.
Prop B is a broad, sweeping effort to address a range of issues. It dedicates funding to public health infrastructure; street and sidewalk safety; parks, recreation, and downtown spaces; and interim housing and homeless shelters.
Bonds like Prop B are a great way to pay for vital infrastructure like this. And at a AAA bond rating (the best possible bond rating), our city receives low interest rates even in this time of high inflation.
We cannot postpone these fixes. Our facilities need to be kept safe and up to date. Vote YES to support these projects in San Francisco.