Resolution supporting the passage of Senate Bill No. 3464, the “Housing BOOM (Building Occupancy Opportunities for Millions)” Act, authored and introduced by United States (U.S) Senator Adam Schiff (D-Calif.), and a companion bill that will be authored and introduced by U.S. Representative Lateefah Simon (D-Calif-12), to increase federal investment and expand incentives to encourage housing production and help address root causes of the housing affordability crisis.

This resolution expresses the San Francisco Board of Supervisors' support for the federal "Housing BOOM (Building Occupancy Opportunities for Millions)" Act, introduced by U.S. Senator Adam Schiff and U.S. Representative Lateefah Simon. The Act aims to address the housing affordability crisis by increasing federal investment and expanding incentives for housing production. Key components of the proposed federal legislation include:

• Expanding the Low-Income Housing Tax Credit (LIHTC) to triple the state cap, injecting capital for affordable housing projects.
• Establishing a $10 billion annual Middle-Income Housing Construction Loan Fund and a $5 billion annual Workforce Housing Block Grant Program to support housing for households earning 60-120% of Area Median Income (AMI).
• Providing grants to convert underutilized public buildings and hotels into affordable housing.
• Increasing funding for homelessness services, tenant support services, and establishing an Office of Eviction Prevention.
• Strengthening fair housing regulations and language access.

The Board of Supervisors also urges the California congressional delegation to ensure the Act includes prevailing wage and labor standard provisions.

This resolution signals local support for federal legislation that could significantly increase housing production and affordability. If passed, it may lead to more housing options and resources for low- and middle-income residents, potentially easing the housing crisis in San Francisco and nationwide.

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