THE SOLUTION IS THE RIGHT TYPE OF SUPPLY
Between a small amount of government-subsidized construction and market rate developers building high-end, for-sale units is a wide gulf in which we have built very little. Demand has only increased gradually, but by building so little low-income and middle class housing, California is now missing over 2 million housing units just to have the housing-per-capita of the nation as a whole. The solution is within our reach: building lower-cost, high density, high quality units, mostly for rent, in downtowns and other central locations. Building affordable housing near jobs for those who already live and work here is achievable and essential for our community’s future.
We believe impact investments in combination with four primary additional tools is the most immediate and effective way to use market forces to resolve the significant lack of affordable and workforce housing in the state. We are all greatly aware that counties in and surrounding the Monterey/SF Bay Area are even more exacerbated than the state of California in terms of the current supply of affordable and workforce rental housing. Demand has grown faster than supply for decades, causing median rent to increase by over 10% per year in certain areas. Vacancy rates are extremely low. The result are marginalized populations pushed further and further from the region, leaving marginalized populations, community voids and exacerbated infrastructure.
1) Mixed income housing projects
2) California Bonus Density
4) Project- Based and Tenant-Based Housing Vouchers
5) Impact Investments