Bay Area continues to lag in affordable housing

Green Escrow | Real Estate News

Despite a California mandate that cities in the state are expected to approve a specified number of affordable units every eight years, most local counties aren’t coming close to those goals.

Contra Costa County approved just 37% of the 8,350 low-income unites required, while Alameda County approved only 41% of its 16,516 unit goal. Elsewhere, Santa Clara met only 30% of it’s 25,700 target while San Mateo reached a lofty (by these standards) 59% of it’s 7,102 goal.

State regulators are considering new penalties for those communities who lag far behind. Also under consideration is bond measure worth up to $20 billion to help boost affordable housing.

Affordable housing coming to San José

Real Estate Growth

A new housing project in San José, called The Kelsey Ayer Station, has begun construction north of the city’s downtown area in the Ryland district.

The development will amenities to aid those with disabilities with support for low-income residents.

The planned construction is scheduled to take two years to complete.

Affordable housing coming to East Bay?

Green Escrow Services | Adding value to home

Not long after the recall was shut down, Governor Newsome announced California’s first housing accelerator fund, which is a $1.75 billion dollar initiative to help fund 90 projects of more than 7,000 units of affordable housing in California.

California is prioritizing projects that have already gotten an allocation of state funding and will begin work in the next 180 days.

This is much needed. California has to find a way to make room for its workforce with more affordable housing.

Concord Looks to Improve Affordable Housing

Market News

The City of Concord is planning to aggressively improve affordable housing by partnering on new projects and contributing subsidies to refurbish existing properties according to The East bay Times.

Over the next five years, Concord will increase its affordable housing fund from $9 million to $14 million in an effort to improve affordable housing from teachers, seniors and veterans. Developers have until March 1 to submit proposals to the city with a final decision due in April.

Moreover, the city will contribute between $75,000 to $100,000 per unit to refurbish between 140 to 160 units.

SF’s 10K Affordable Housing Goal? Not Likely

Green Escrow | Real Estate News

San Francisco Mayor Ed Lee’s goal of 30,000 new housing units by 2020 in the city is a real possibility but the chance that 10,000 of those units be affordable to low-income residents is not likely, according to a recent report in the San Francisco Business Times. To reach the 10,000 goal, all of the 4,575 units scheduled for rehabilitation in the city’s public housing complexes will have to be completed and more than 5,000 new affordable units will have to be built. This is not likely according to a civil grand jury report.

Least Affordable Middle-Class Housing? Guess…

Green Escrow | Affordable Housing

As mentioned in an earlier post, “Affordable Middle Class Housing? Try Ohio”, affordable housing for today’s middle class is clustered in mid-America with 5 of the top 10 area in Ohio. It probably won’t come as a complete shock to Bay Area residents to learn that 7 of the top 10 least affordable areas are in California, including San Francisco (#1), Los Angeles (#2), Orange County (#3), San Diego (#5), Ventura County (#6), San Jose (#7) and Oakland (#10). Rounding out the non-California areas are New York City (#4), Fairfield County, Connecticut (#8) and Honolulu (#9).

Affordable Middle Class Housing? Try Ohio

Green Esrcow | Afforable Housing

According to a recent report by Trulia, middle-class affordability to buy a home has worsened in the past year as prices have continued to rebound. The good news is: due to low mortgage rates and undervalued home prices there are still areas in the US where home are affordable to the middle class. The bad news: none are anywhere near the East Bay. In fact, of the ten most affordable markets, five are in Ohio. The remaining states represented in the Top Ten are Indiana, Michigan, Arkansas, South Carolina and, somehow – New York (Rochester).

Not surprisingly, California has 7 of the 10 least affordable housing markets for middle-class buyers.