The Bay Area Housing Finance Authority made the decision on Wednesday to withdraw a $20 billion bond measure that was set to be included on the November ballots of nine counties in the region. The move came after concerns were raised about its lack of public support, as reported by various sources.
According to an article from The Oakland Side, recent polls have shown that only 55% of Bay Area voters are in favor of the bond measure. This falls short of the required two-thirds majority needed for it to pass. If approved, property owners would have been taxed at a rate equivalent to $19 per every $100,000 in assessed property value.
In a memo addressed to BAHFA board members, Metropolitan Transportation Commission executive director Andrew Fremier noted that there is still widespread resistance towards new taxes among Bay Area residents.
Proponents had hoped for success with another ballot item aimed at lowering approval thresholds for bonds measures statewide from two-thirds majority down to just over half. However, this proposal has also faced significant opposition and is unlikely gain enough support before November’s election date according reports from The Oakland Side.
