Learn More About Measure V
What is Measure V?
Measure V is an affordable housing bond measure that would authorize the City to issue up to $450 million in general obligation municipal bonds to fund creating affordable housing.
Funds generated by these bonds could then be used to purchase land, build, or restore existing housing that is affordable for working families,veterans, seniors, teachers, nurses, paramedics, police officers and many more.
Measure V would also help homeless residents transition from local streets and out of neighborhood parks and creeks into safe and secure housing.
How does Measure V provide meaningful housing solutions?
Measure V will provide the revenue we need to make a significant investment in our affordable housing supply so we can create homes that are affordable for working families, veterans, seniors, teachers, nurses and paramedics. We hear from so many residents who are being priced out of our city – or who worry their own kids and grandkids will never be able to live in San Jose. Creating more affordable housing will help us maintain the communities we love.
And the Measure will provide the resources we need to move homeless residents off local streets and out of neighborhood parks and creeks.
If the full $450 million amount is issued, Measure V requires the City to allocate at least $150 million to housing for households earning up to 30% of area median income (AMI) and at least $75 million for households earning between 80% and 120% of AMI.
Who authored Measure V?
Measure V was authored by the San José City Council and placed on the November 2018 ballot.
How much will Measure V cost?
Measure V will allow San Jose to issue $450 million in general obligation bonds with an average levy of 8 cents per $1,000.
How will Measure V ensure fiscal accountability?
Measure V requires community oversight and annual audits. These stringent requirements help residents ensure the money is being spent wisely and as it was intended.
Additional measures to include fiscal accountability will include:
- Generated funds would be deposited in one or more separate accounts.
- A separate annual audit of the Bond funds would be conducted by the Director of Finance and City Council. A public report would be filed annually. The report would detail for the prior fiscal year the amount of Bonds issued and expended, the amount of taxes collected and the status of the housing projects.
- A Community Oversight Committee would be appointed by the City Council and would be comprised of City residents to provide oversight of the Bonds’ expenditure. The committee’s size, composition and specific responsibilities would be decided by the City Council before the issuance of any Bond.
Why Measure V?
The San Jose City Council recognized the need for affordable housing to serve populations vulnerable to displacement due to the exorbitant cost of housing. Homeless residents, veterans seniors, low-income and middle-class families would all find some relief to housing cost with Measure V.
The City Council considered the following factors when authoring Measure V:
- There city is experiencing a shortage of affordable housing. Nearly half of San José renters, 48%, and homeowners at or below the household area median income paid more than 30% of their income in housing costs, In addition, 22% of San José renters paid more than 50% of their income for rent.
- To address the need for housing in San Jose, the City Council established a goal to build 10,000 affordable homes by 2022. After reviewing the resources available from local, state and federal sources, there is an estimated gap in funding for over 4,000 units. Measure V will help to shorten this gap by funding up to an estimated 3,600 new affordable units.
- Since 2015, a shelter crisis has been declared and in effect.
- The City’s 2017 Homeless Census and Survey found that 4,350 San José residents were experiencing homelessness.
- 74% of of the homeless population is unsheltered on any given night, including 643 homeless individuals living in homeless encampments.
- The demand for shelter beds and transitional housing options exceeds what is currently available, forcing people to sleep on public sidewalks, parks, creaks and underpasses, as well as form encampments throughout the City.
Aren’t I voting on two state housing measures on this same ballot? Why isn’t that money enough to solve the problem? Why shouldn’t we just let the state handle affordable housing?
Yes, but we can only obtain those state dollars—as well as federal funding, such as tax credits—if we have local dollars that we can use as a “local match.” In other words, we can get to the front of the line for state and federal dollars by being able to show that we have local Measure V dollars for every project the state invests in.
Didn’t we just pass Measure A in 2016 for affordable housing funding? Why should we pass another measure?
Measure A’s passage was important, but not nearly sufficient to address the magnitude and breadth of our housing crisis. Nearly all of the Measure A dollars focused on permanent housing for homeless individuals, and we need funding sources to help us build housing for working families and individuals, such as teachers, nurses, and firefighters. And Measure A was a Santa Clara County ballot measure that covered a number of other cities and towns.