City council approves new housing budget
The city council approved a new housing budget on Tuesday after months of debate. Mayor Lena Ortiz said the plan would fund 2,000 affordable units over the next three years, financed largely through municipal bonds.
Several council members raised concerns about long-term repayment, warning that interest costs could strain future budgets. Supporters countered that the investment is overdue, pointing to regional rents that have climbed for three straight years.
The measure passed seven to two, and construction on the first sites is expected to begin next spring. City staff will publish a detailed breakdown of the spending plan within thirty days.