Proposed by Johnston and referred to voters by the Denver City Council, Ballot Issue 2R would have raised an estimated $100 million a year, the largest ever expansion of a local government affordable housing program in Colorado’s history. Concerns about the cost of living, however, cut both ways to defeat the measure at the ballot box.

While it made up ground in later returns after Tuesday’s election, the measure was rejected on 51% of city ballots counted so far, according to the latest results released by the Denver

Denver Mayor Mike Johnston conceded Saturday that voters appear to have narrowly defeated a citywide ballot measure that would have advanced his affordable housing proposal.

Denver Mayor Mike Johnston said Referred Question 2R would not pass, conceding in a statement on Saturday morning. The big picture: City voters rejected the mayor's plan to raise millions annually for affordable housing by increasing Denver's sales tax.