Mayor Kevin Faulconer on Friday endorsed a key state Senate bill that would pave the way for building more affordable housing across California.

Senate Bill 5, sponsored by Sen. Jim Beall of San Jose, would allocate hundreds of millions of dollars from local property tax receipts to build housing for working families.

Titled the “Affordable Housing and Community Development Investment Program,” the legislation would commit $200 million annually to local governments starting in 2021, increasing to $250 million annually in 2026. The program would be capped at a total of $2 billion over 10 years.

“When the state acts in partnership with cities and counties, we accomplish great things,” said Beall. “SB 5 creates a viable solution to address the growing affordable housing and homeless crisis. I’m grateful for Mayor Faulconer’s support for SB 5 that makes the state a long-term funding partner for affordable housing in San Diego once again.”

The bill is intended to revive some of the best aspects of the old redevelopment programs that were ended by former Gov. Jerry Brown and the Legislature in response to the recession-induced state budget crisis in 2011.

“When I opposed the dissolution of redevelopment in 2011, I stated that we should not end our dedicated affordable housing funding program without a replacement,” said the new bill’s co-sponsor, Sen. Anthony J. Portantino of La Cañada Flintridge, after its passage in the Senate in May.

Supporters say the bill will create nearly 100,000 new and rehabilitated housing units over the next decade, with a focus on transit-oriented projects, infill development and revitalizing neighborhoods.

Faulconer announced his support at an afternoon press conference in advance of a key vote on the bill by a state Assembly committee.

“California is facing a housing crisis that will price out an entire generation if we don’t take bold action,” he said. “San Diego is radically overhauling its housing regulations, so more San Diegans can afford to live here, and Senate Bill 5 takes things to the next level by creating a state funding source that cities can tap to help build affordable homes.”

Joining Faulconer at the press conference were Beall, Assemblymember Todd Gloria and other local and state officials, who will then tour one of San Diego’s homeless shelters.

Updated at 4 p.m., Friday, Aug. 23, 2019

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