Measure C Beckons Residents to Finally Do Something About Housing

Measure C: A Chance to Finally Do Something Consequential Against the High Cost 

of Housing

The Costs of Doing Nothing Are Too High

Opinion
The Emeryville housing bond initiative known as Measure C is on Tuesday's ballot, giving voters a chance to finally do something about the crazy high cost of housing in our town and deal with its associated problems like chronic homelessness and the displacement of existing but vulnerable renters by helping them buy a home in our community.  Rising housing costs present a problem that has been well described but not adequately dealt with and Measure C puts a solution in our hands rather than simply continuing to trust in market vagaries who's result so far has been the $3600 Emeryville studio apartment owned by foreign investors.  Oops, make that $3700....the rent just went up again.

It's not that we haven't been building housing in Emeryville; our population has doubled in the last ten years.  Over that time we've gone from a city of homeowners to a city of renters as developers keep throwing up apartment buildings as fast as they can, trying to cash in on the high rent bonanza.  But all the harried building hasn't brought down the cost of housing.  In fact, the more housing we build here, the higher the cost of housing becomes, a reverse corollary that turns on its head the old supply and demand saw.  After 20 years building housing at a frenetic pace and with the limited amount of space now available, the sky-high cost of housing in Emeryville is clearly a beast that we, through the private sector, cannot build our way out of moving forward.

It's bad for Emeryville but let's not fool ourselves, the lack of affordable housing is a regional problem and no one thing we do in our little town to address this growing threat, not even the passing of Measure C, the first attempt to deal with it (by plebiscite), will completely solve the problem here.
But make no mistake either, Measure C will go a long way towards solving this existential problem, at least in our little corner of the Bay Area.  And by "a long way" we mean a long way.
This common sense and fair housing solution for Emeryville promises to be a game changer; likely up to at least $300 million spent on our little town to help thwart the seemingly inexorable rise in the cost of housing....that's enough to truly make a difference.  And that's what Measure C is designed to do.

The problems associated with high Bay Area housing costs are hugely complex and the solution can't be facile market dependency; we need a cogent big solution to this big problem.  The critical game changing components of Measure C with its relatively modest $50 million in local bond funding are its attendant State and Federal matching funds, a monster $300-$400 million brick that will bolster the relatively small amount Emeryville property owners are going to kick in.  It's $50 million on steroids, jacked up to as much as $400 million for a 1.2 square mile city.  That's an opportunity we should seize; a chance to face a major problem squarely with a rational solution and a large hammer.

Measure C is a progressive tax.  At $49.12 per $100,000 of assessed property value, a cost born 70% to 80% by businesses in our town, in a town of renters, the average Emeryville resident stands to pay nothing or almost nothing.  Homeowners will pay dependent on when they bought their homes.  Those who have lived here a long time, primarily the elderly, will pay less because the tax is assessed on the value of the property at the time of purchase, not on the current market value.  That means the average homeowner will pay just $10.50 per month.
The business sector picks up 3/4 of the tab for Measure C, taking the pressure off residents.  For instance Pixar/Disney, a miserly multi-billion dollar corporation in our town will pay $10,000 per month, a cost they will not be able to weasel out of as they and other corporations have infamously done with a loophole in Emeryville's business tax.

Another nice benefit of Measure C is that Emeryville will be able to finally clear up its portfolio of blighted and vacant land the City already owns, land set aside by the former Redevelopment Agency for this use.  Taking land acquisition off the table will help deliver more affordable units at a lower building cost.

Measure C is a well written and well conceived solution to this vexing problem and that's why its been endorsed by the Democratic Party of Alameda County, the Sierra Club, the entire Emeryville City Council, the Green Party, Residents for a Livable Emeryville, SEIU Local 1021, the League of Woman Voters and the East Bay Express.  And now to that list add the Emeryville Tattler.

Correction-  Please note, a reader found a misspelled word in the chart below and two mistakes.  See the comments below.

Pixar (and other businesses) will finally pay!
The business community picks up 3/4 of the Measure C tab.  The home-owning elderly in Emeryville like former City Councilwoman Nora Davis, won't have to pay much at all.   
Naysayers representing business interests like local blogger Rob Arias have been railing against it.  But how much does Rob Arias care about Emeryville?  The numbers tell the story: less than $10 per month.