Part 6/11:
While the measure has generated hundreds of millions of dollars (more than $702 million since its inception), the projected annual goal of $900 million remains unmet. Moreover, the decline in property sales and development has resulted in a significant drop in property tax revenues—estimated at around $25 million annually—an erosion that could surpass the income generated by the tax itself over time.
This revenue shortfall impacts the very programs the tax was intended to fund, such as homelessness prevention, income support, and eviction defense. Despite the influx of funds, the supply of affordable housing continues to shrink, and homelessness persists—highlighting the disconnect between policy and outcome.