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Daly Plan Pitifully Inadequate
April 12, 2001
Followup or questions to Adria Pulizzano 415-861-0777
Statement from Sarosh Kumana of the Affordable HomeOwnership Alliance in hearings before the San Francisco Board of Supervisors on April 12, 2001:
Good afternoon, Ladies and Gentlemen;
Homeownership is the principal goal for the vast majority of our citizens. But when San Franciscans seek the security, and the economic empowerment, of the American dream of homeownership, they have to leave the city. Why?
Why are we forcing them out?
For the last 20 years, there has been a failure in policy, and a failure in leadership. Either that, or there has been a covert policy against homeownership in San Francisco.
The Daly proposal under consideration purports to enable homeownership for a lucky few. It provides for 100 additional homeowners PER YEAR, but with such onerous and unrealistic requirements that it is unlikely to succeed in even this exceedingly modest goal!
In a city of over 500,000 housing units, 100 new homeowners is less than 2/100ths of 1%. It is pitifully inadequate. Though one could say that the Daly proposal is a tiny step in the right direction, we wonder whether it is actually intended to provide any meaningful increase in homeownership, or whether it is a sham, mere lip service.
Whereas within the entire United States, the rate of homeownership is almost 68%, in San Francisco, that figure is a mere 34%, exactly half.
At a time when HUD and FNMA (Fannie Mae) have made zero downpayment loans available, with relaxed underwriting criteria, surely we can do better than 100 additional homeowners in San Francisco every year!
We urge the Board of Supervisors to adopt the goal of reaching the US national average homeownership rate in 10 years.
This would mean that we need to convert an average of 17,000 households from tenant to homeowner status, each year, for the next 10 years.
The Affordable HomeOwnership Alliance acknowledges the Board's commitment to the homeownership aspirations of San Franciscans, and issues a challenge to you to display the intelligence and creativity necessary to achieve the goal of 68% homeownership in San Francisco, within 10 years.
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