The city plans soon to adopt a long-awaited preservation law and create a special fund to extend rent restrictions and buy properties.
Pandemic, bureaucracy blamed for failure to accomplish five of seven actions approved by City Council in 2020
An analysis in 2020 found San Diego had just over 22,000 subsidized units with rent restrictions and roughly 48,000 units that aren’t subsidized but have low rents because they are old or in unappealing areas.First-of-its-kind analysis aims to spur strategies for preserving affordable housing The goal is giving the city a chance to extend expiring rent restrictions into the future, before a property can be sold and redeveloped for market-rate housing or its existing buildings renovated to command higher rents.
Some local for-profit developers and property management companies raised concerns that the city might restrict the program to nonprofits, but council members said they wouldn’t exclude businesses.Housing Commission officials say the rent restrictions on 6,657 units are scheduled to expire 10 years from now in 2033. The bulk of those units, 4,591 of them, are in council districts 3, 4 and 9.
LaCava said land is so scarce in San Diego that it might make sense in some cases to buy relatively low-density, lower-rent apartment complexes and tear them down so the city can subsidize high-rises with rent-restricted units on the site.
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