Hope for Affordable Housing in San Jose

After weeks of intense negotiation, the San Jose City Council voted 9-2 on Dec. 10 to approve Mayor Sam Liccardo’s spending plan for a property transfer tax measure to pay for affordable housing. Officials say the tax, which will be paid by the buyers and sellers of homes valued at more than $2 million, will generate up to $70 million a year. It will not impact 98 percent of home sales in the city.

San Jose Spotlight reports that the plan sets aside at least 45 percent of the money it raises for permanent rental housing for extremely low-income residents. “Another whopping 35 percent of the funds are set aside for affordable rental housing for low-income households,” writes reporter Nadia Lopez, “and 10 percent for the sale of below market-rate homes and moderate-income rental housing.”

Read: “Lawmakers approve San Jose mayor’s spending plan for proposed tax” on San Jose Spotlight.