A Bay Area initiative to fund up to 90,000 affordable housing units with a $20B regional bond has been pulled off the ballot as it faced a taxpayer lawsuit.
The Bay Area Housing Finance Authority (BAHFA) voted last week to remove the regional general obligation bond from the Nov. 5 ballot, citing the lawsuit and projecting that the measure would be defeated in the upcoming election.
When it unanimously voted two months ago to put the bond issue before voters in the nine-county Bay Area region, the agency predicted that funds from bonds generated by ad valorem property taxes could finance up to 90,000 units of affordable housing.
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