By Murtaza Baxamusa / SanDiegoUrbDeZine
There isn't enough affordable housing being built in the city of San Diego. Lenders and banks aren't lending as much, apartment owners aren't caring, and builders aren't building as much since it's not as remunerative to build for income-constrained households.
This worsens the disconnect between the economics of the housing stock and the demographics of the families it's meant to serve, as shown by a recent Harvard University study on apartments. In San Diego, less than 10 percent of the rental housing stock is affordable*. With new federal tax policies, things could get worse.
A home isn't just a luxury that anyone can live without. It's a social necessity. Yet cities and states don’t build housing, they plan for it and permit it, and then are dependent on private developers to build it at the rents or prices that yield them the highest returns. This is where inclusionary housing comes into play: By allowing the private sector to competitively perform at its optimal level within a uniform regulatory framework that achieves societal goals. [Read more...]
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