The Bay Area Housing Finance Authority has decided to withdraw a $20 billion bond measure from the November ballot in nine counties. The decision was made due to concerns that the measure did not have enough public support to pass, according to reports.
According to The Oakland Side, polling showed that only 55% of Bay Area voters were in favor of the bond. This falls short of the required two-thirds “supermajority” threshold needed for passage. If passed, property owners would have been taxed at a rate of $19 per $100,000 in assessed property value.
In a memo addressed to BAHFA board members, Andrew Fremier (executive director of Metropolitan Transportation Commission) stated that Bay Area voters are currently against any new taxes.
Proponents had hoped for another statewide ballot item which would lower the approval threshold for bond measures from two-thirds majority vote down to a simple majority vote. However, this item has also faced opposition and is unlikely be successful according The Oakland Side’s report.
