San Francisco Tackles Affordable Housing Disparity
Many already know this—there is not enough affordable housing in California for the working middle class.
It’s a harsh reality that’s only highlighted with recently released numbers in the Demographia International Housing Affordability Survey.
Four of the state’s major metropolitan cities landed in the top ten least affordable. They are San Francisco, San Jose, San Diego and Los Angeles.
In fact, the survey states San Francisco’s median multiple jumped to 9.2 times the income which is a big leap from last year’s 7.8.
The report goes on to say, “there are indications of a substantial worsening housing affordability situation in California, which was the core of the U.S. housing bust of the last decade that precipitated the Great Financial Crisis. House prices in the six major markets in California have risen nearly 40 percent relative to incomes since bottoming out in 2009.”
San Francisco’s Mayor has been on a mission to change all of that.
Recently, the Mayor announced the approval of plans by Lennar to begin construction of a new Alice Griffith public housing community to the existing site, fulfilling its promise to build new public housing without disrupting current residents. The Commission on Community Investment and Infrastructure unanimously approved the first “Major Phase” Application for Candlestick Point, which includes plans for the total rebuild of Alice Griffith and its 256 homes.