Op-Ed: Seize the downturn: Why California should leverage a recession to build affordable housing (via latimesopinion)
and half of them are rent-burdened, meaning they spend more than 50% of their income on housing. As more affordable housing is built, tenants of the units would be freed up to spend more money on consumer goods and services in their communities. Sky-high rents paid to investors do little to help the local economy, since the money is often destined for corporate landlords who live outside the city and possibly the state or country.
Seizing a downturn to build affordable housing would be far more comprehensive and serve a broader set of constituents than the Great Recession’s home buyer tax credits. California’s program, which ran from 2007-10, aimed to stabilize the housing market by giving first-time buyers up to 5% back on the purchase price of their home, up to $10,000.
Australia has shown that a countercyclical approach to investing in affordable housing can succeed. In 2009 the country established a social housing initiative in response to its recession, allocating billions of dollars to build publicly owned affordable housing and repair existing public housing.
Los Angeles could be in a better position to pursue a similar affordable housing strategy if the governor, state legislatorsIt looks as though the California Legislature is finally on the verge of doing its part by passing SB 679, a bill that would create the Los Angeles County Affordable Housing Solutions Agency to build new affordable housing. The Assembly approved the bill Wednesday; the Senate passed it last year.
If the state is properly prepared, leveraging economic misfortune for the public good will help solve our housing affordability crisis.
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