To balance $27 billion shortfall, the state could chop funds for homelessness housing and office conversions.
Gov. Gavin Newsom before signing two housing production bills in San Francisco on Wednesday, Sept. 28, 2022. With a $27 billion shortfall looming over the state, Gov. Gavin Newsom is eyeing a total of $1 billion in cuts to several housing programs aimed at financing and preserving existing affordable housing.
“There are components of our housing strategy where we are making adjustments, but the core mission remains firm,” Newsom said during a press conference announcing his proposed budget Friday.— Eliminating the Multifamily Housing Program, including the remaining $75 million in 2023-24 for this program, as well as $250 million in proposed funds, which provide low-interest loans to build low-income housing.
— Reducing funds for the Homeless Housing, Assistance and Prevention Grant program from $1 billion to $740 million. Cities and counties use the grants to build permanent affordable housing and, a program created in 2021 that gave nonprofits and community land trusts loans and grants to purchase foreclosed properties. The budget appropriated $500 million through June 2027, but Newsom froze the program in January 2024 before any of the money could be spent.
Despite slashing multiple programs to build new housing, Newsom reaffirmed the state’s commitment to addressing homelessness — notably through the additional $6.4 billion to be generated via Proposition 1, approved by voters in March, which is set to increase the number of treatment beds and supportive housing facilities.
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