Mayor London Breed is sabotaging her own $300M affordable housing bond

By Joe Eskenazi : Missionlocal – excerpt

Mayor’s candidate-controlled Yes-on-E committee donated to organization urging no vote on mayor’s housing bond

On paper, virtually every last vestige of San Francisco political power supports Proposition A, Mayor London Breed’s $300 million affordable housing bond. Some of the most gregarious BigMoneySF groups are for it, and so is The League of Pissed-Off Voters (which presently has $10,000 in its bank account and has fund-raised a shade over $109,000 since 2015).

Accordingly, both pro-housing devotee Sen. Scott Wiener and slow-growther Calvin Welch showed up at the Proposition A kickoff. You can only imagine that conversation:..

Big-money donors hoping to impress the mayor are clearly intuiting where to put their money — and the bond ain’t it. If they were having trouble figuring this out, mayoral fund-raising emails sent to frequent donors and obtained by Mission Local overtly call for giving to Props. C, E and F, but not Prop. A. Members of the donor class tell us they’re getting calls on C, E and F, but not A. When the mayor speaks at community events, she talks about C, E and F, but not A…

The billionaire-funded Neighbors for a Better San Francisco Advocacy, the biggest of the BigMoneySF groups, has given $110,000 to TakeActionSF, whose “No B.S.” slate mailer urges San Franciscans to vote down the bond. And, jarringly, the mayor’s Yes-on-E campaign — her own candidate-controlled committee — gave $1,000 to TakeActionSF…

The mayor’s committee donated to an outfit urging voters to reject the mayor’s affordable housing bond…(more)

Given the poor condition of the state and local economies and the high cost of living, including soaring fuel and energy costs, voters are less likely to support more government bonds. Funders understand the economy and bond market. They know the high interest rates and difficulty with supply chains will keep production volumes low and costs high. Now may be the time to pick up foreclosures at a steep discount, not finance new developments. This should be easy when owners abandon their properties in lieu of paying taxes. Banks don’t want loses on their books.