AB 1487: Create the Entity
This bill, the San Francisco Bay Area Regional Housing Finance Act, would establish the Housing Alliance for the Bay Area (hereafter the entity)
AB 1487 would create a regional taxing agency in the Bay Area. This agency would be able to raise $1.5B annually for construction of 35,000 homes a year.
A regional taxing agency to fund affordable housing would be a huge step for equity. Currently, rich, small cities hoard their tax revenue and starve lower income parts of the region of public services. This bill would change that.
This bill is part of the CASA compact.