The Name is Bond

Charlotte City Council has boldly recognized how costly it is to provide affordable housing in the region by advancing a $100M bond referendum on this year’s ballot. This amount is double what was on the ballot in 2022 and five times what was approved by voters a decade ago. Unfortunately, not all housing bonds make it to a vote. In California’s Bay Area, a $20B bond to provide funding for up to 71,000 units was removed from the ballot due to a calculation error and resulting negative public opinion. While no one expects the bond to fail, elected officials could look to other municipalities for alternatives. Denver City Council passed a voter proposal to implement a half-cent sales and use tax for affordable housing, which is expected to bring in $100M a year. However, a sales tax increase might not be the best solution for Charlotte with rising inflation.    

In a perfect world, every city would have $20B for affordable housing development. But we know the world’s not perfect. For now, let’s hope everyone does their part to ensure this year’s bond passes because Mecklenburg County desperately needs more affordable housing.