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‘Extremely Disturbing’: City Audit Reveals Mayor’s Office of Housing Has $482 Mil in Unspent Funds

A San Francisco supervisor is calling for a hearing to find solutions to problems within the city’s affordable housing production team. Supervisor Dean Preston requested the hearing during the Board of Supervisors meeting on Tuesday, in response to a nearly two-year performance audit of the Mayor’s Office of Housing and Community Development released the same day.

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The audit found that the department, which oversees the city's affordable housing projects, counted on informal records and internal discussions for its decision-making. The department has also had an average surplus of $482 million in unspent funds for the past five years.
The audit found that the department, which oversees the city's affordable housing projects, counted on informal records and internal discussions for its decision-making. The department has also had an average surplus of $482 million in unspent funds for the past five years.

By Olivia Wynkoop
Bay City News

A San Francisco supervisor is calling for a hearing to find solutions to problems within the city’s affordable housing production team.

Supervisor Dean Preston requested the hearing during the Board of Supervisors meeting on Tuesday, in response to a nearly two-year performance audit of the Mayor’s Office of Housing and Community Development released the same day.

The audit found that the department, which oversees the city’s affordable housing projects, counted on informal records and internal discussions for its decision-making. The department has also had an average surplus of $482 million in unspent funds for the past five years.

Per request by the Board of Supervisors in July 2021, the San Francisco Budget and Legislative Analyst investigated how the housing department reported the status of housing projects, prioritized funding and handled unspent funds.

The audit found that the department did not comply with city reporting requirements, did not have a formalized record-keeping system on how financial decisions were made and could not provide clarity on where unused funds are going.

The audit cited that 93 percent of the department’s unused funds were dedicated to housing developments, though it’s unknown if 58 percent of those funds are officially set in stone with a committed loan.

Preston, who called for the audit, alleged that the office itself is a “major barrier” to the city reaching its ambitious affordable housing goals – San Francisco is aiming to build 46,500 new units by 2031.

“Given what is revealed in this audit, I am deeply concerned that we are entrusting the crucial task of affordable housing production to a department that has no oversight, no transparency, no policies guiding key funding decisions, and cannot even account for a half billion-dollar balance — namely how much is committed and how much is available,” Preston said at Tuesday’s meeting.

Eric Shaw, director of MOHCD, responded to the audit via letter, and said the department faces “substantial complexities” that make it difficult to make concrete policies.

“Due to the complexity of aligning unpredictable funding streams in a volatile market, financing affordable housing projects is a complex process that cannot be replicated or standardized over years or across projects,” reads the letter addressed to Severin Campbell, director of the Budget and Legislative Analyst’s Office.

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Oakland Post: Week of March 4 – 10, 2026

The printed Weekly Edition of the Oakland Post: Week of March 4 – 10, 2026

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Oakland Post: Week of February 25 – March 3, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 25 – March 3, 2026

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Chase Oakland Community Center Hosts Alley-Oop Accelerator Building Community and Opportunity for Bay Area Entrepreneurs

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

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Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.
Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.

By Carla Thomas

The Golden State Warriors and Chase bank hosted the third annual Alley-Oop Accelerator this month, an empowering eight-week program designed to help Bay Area entrepreneurs bring their visions for business to life.

The initiative kicked off on Feb. 12 at Chase’s Oakland Community Center on Broadway Street, welcoming 15 small business owners who joined a growing network of local innovators working to strengthen the region’s entrepreneurial ecosystem.

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

At its core, the accelerator is designed to create an ecosystem of collaboration, where local entrepreneurs can learn from one another while accessing the resources of a global financial institution.

“This is our third year in a row working with the Golden State Warriors on the Alley-Oop Accelerator,” said Jaime Garcia, executive director of Chase’s Coaching for Impact team for the West Division. “We’ve already had 20-plus businesses graduate from the program, and we have 15 enrolled this year. The biggest thing about the program is really the community that’s built amongst the business owners — plus the exposure they’re able to get through Chase and the Golden State Warriors.”

According to Garcia, several graduates have gone on to receive vendor contracts with the Warriors and have gained broader recognition through collaborations with JPMorgan Chase.

“A lot of what Chase is trying to do,” Garcia added, “is bring businesses together because what they’ve asked for is an ecosystem, a network where they can connect, grow, and thrive organically.”

This year’s Alley-Oop Accelerator reflects that vision through its comprehensive curriculum and emphasis on practical learning. Participants explore the full spectrum of business essentials including financial management, marketing strategy, and legal compliance, while also preparing for real-world experiences such as pop-up market events.

Each entrepreneur benefits from one-on-one mentoring sessions through Chase’s Coaching for Impact program, which provides complimentary, personalized business consulting.

Garcia described the impact this hands-on approach has had on local small business owners. He recalled one candlemaker, who, after participating in the program, was invited to provide candles as gifts at Chase events.

“We were able to help give that business exposure,” he explained. “But then our team also worked with them on how to access capital to buy inventory and manage operations once those orders started coming in. It’s about preparation. When a hiccup happens, are you ready to handle it?”

The Coaching for Impact initiative, which launched in 2020 in just four cities, has since expanded to 46 nationwide.

“Every business is different,” Garcia said. “That’s why personal coaching matters so much. It’s life-changing.”

Participants in the 2026 program will each receive a $2,500 stipend, funding that Garcia said can make an outsized difference. “It’s amazing what some people can do with just $2,500,” he noted. “It sounds small, but it goes a long way when you have a plan for how to use it.”

For Chase and the Warriors, the Alley-Oop Accelerator represents more than an educational initiative, it’s a pathway to empowerment and economic inclusion. The program continues to foster lasting relationships among the entrepreneurs who, as Garcia put it, “build each other up” through shared growth and opportunity.

“Starting a business is never easy, but with the right support, it becomes possible, and even exhilarating,” said Oscar Lopez, the senior business consultant for Chase in Oakland.

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