On behalf of The Silicon Valley Organization (The SVO), our 65 member board of directors and our 1,400 member businesses, I would like to express our support for the removal of Item 8 on the Council Priorities list, Commercial Impact Fee for Affordable Housing.

In 2016, a broad coalition of Silicon Valley leaders placed Measure A, the Affordable Housing Bond on the ballot to help address the significant issues facing the county around housing for the homeless, workforce housing and the overall lack of housing. Measure A passed with overwhelming support and will allow the County to borrow up to $950 million by issuing general obligation bonds. Bond proceeds could only be used to acquire or improve real property.

According to the ballot language, bond proceeds from Measure A would “provide affordable local housing for vulnerable populations including veterans, seniors, the disabled, low and moderate income individuals or families, foster youth, victims of abuse, the homeless and individuals suffering from mental health or substance abuse illnesses, which housing may include supporting mental health and substance abuse services.” Up to $150 million in bond proceeds could be used to assist moderate income households. Of this $150 million, up to $50 million may be used to provide housing that is affordable for moderate income individuals and families; such portion, for example, could be used for first-time homebuyers or to promote housing that is in proximity to employment.

Pursuing another impact fee for affordable housing does not make much sense considering we have not even had an opportunity to issue a single bond under this new funding mechanism let alone add additional obstacles for business and employment growth here in our city.

More Posts

You Might Also Like

Press Releases
Conversation on Healthcare with Supervisor Susan Ellenberg
Press release for the SVO's Conversation on Healthcare event featuring Supervisor Susan Ellenberg and Kaiser Permanente’s Senior Vice President and Area Manager, Irene Chavez.
Dec 13, 2019
The Silicon Valley Organization
Press Releases
Broad Coalition Advocates for Reforms to Create more Market Rate and Affordable Homes
Press release for the SVO highlighting broad coalition advocates and their reform work to create more market rate and affordable homes.
Oct 29, 2019
The Silicon Valley Organization
Press Releases
SVO PAC Endorses James (Jim) Zito for San Jose City Council District 8
Press Release for the SVO PAC's endorsement of James (Jim) Zito for San Jose City Council District 8.
Oct 24, 2019
The Silicon Valley Organization
Press Releases
The SVO Supports Google’s Planning Application
Press Release for the SVO outlining their support for Google's planning application.
Oct 19, 2019
The Silicon Valley Organization
In The Media
In the News: San Jose Mayor Sam Liccardo on Nashville
Mayor Sam Liccardo on his experience in Nashville on the #svostudymission.
Sep 11, 2019
The Silicon Valley Organization
Press Releases
SVO Delegation of Silicon Valley Leaders Hosts Mayor’s Panel
Press release for the SVO's Delegation of Silicon Leaders Mayor's Panel featuring San Jose Mayor Sam Liccardo and Nashville Mayor David Briley.
Aug 30, 2019
The Silicon Valley Organization
Explore ALl Posts
Follow Us

We’re on Instagram