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NewsNBC 7 San Diego — Local NewsJune 30, 2026San Diego

San Diego Launches $8.5 Million Fund to Protect Affordable Rentals

San Diego city officials have established an $8.5 million fund to help the city purchase and preserve existing affordable rental housing units before they are sold to private investors. The initiative aims to prevent displacement by providing the financial resources necessary to enforce the city's existing right of first refusal ordinance.

housingaffordabilitycity budgetrental marketurban planning
Read the full story at NBC 7 San Diego — Local News

Why It Matters

The city will now have $8.5 million in dedicated funding to intervene when affordable rental properties go on the market, potentially preventing rent increases or evictions for residents in at-risk housing units.

Key Facts

  • The city established an $8.5 million Affordable Housing Preservation Fund.
  • Funding is sourced from neighborhood enhancement fees previously collected from developers.
  • The fund provides the financial backing to exercise the city's 'right of first offer and refusal' on affordable housing units.
  • Approximately 13,000 households in San Diego are currently identified as at risk of being priced out of their homes.
  • A recent study indicates that many affordable housing units face expiring rent covenants and deed restrictions over the coming decades.
  • The program allows the San Diego Housing Commission to purchase affordable units when they come to market before private investors can buy them.
  • Property owners struggling to maintain units or keep them affordable can apply for assistance through the fund.

Who's Mentioned

personSean Elo-Rivera“City Councilmember supporting the initiative.”personKent Lee“Council President Pro Tem involved in the announcement.”personLisa Jones“Official representing the San Diego Housing Commission.”organizationSan Diego Housing Commission“The agency responsible for managing the fund and exercising the right of first r”personVivian Moreno“City Councilmember who authored the original preservation ordinance.”locationSan Diego“The city implementing the housing preservation fund.”