Local government agencies in California are purchasing luxury buildings and renting them out at lower rates to middle-income workers. These programs benefited from the low interest rates and property acquisition opportunities that arose in the pandemic. The agencies use local property tax subsidies to fund the programs and expect to recoup the lost property tax revenue in the future. Although these programs have created more than 6,000 units, critics of this model question if the units are affordable enough and if middle-income residents will continue to be served. “It’s definitely creative,” said Jacky Morales-Ferrand, director of San Jose’s housing department, “But we want to make sure there is significant public benefit when we forgo property tax.”
Is California’s Middle-Class Housing Plan Worth It?
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing
Oklahoma Coalition for Affordable Housing 