According to an annual report from the California Housing Partnership and the Southern California Association of Nonprofit Housing, Los Angeles County needs to construct 516,946 affordable homes to cope with the prevailing housing crisis or to meet the present demand from low-income renters.
The number of needed affordable homes is quite high. But it appears to be lower than that of last year when authors of the annual report declared a lack of 568,255 affordable homes across Los Angeles County.
However, this change is not necessarily due to new construction. While a growing number of affordable homes, constructed and preserved through federal tax incentives, crept up on an annual basis in 2018. It was low by 31% since 2016.
The driving force behind this shrink in need of affordable homes is a down in the number of residents eligible for low-income housing. Moreover, the minimum wage in Los Angeles County is increasing, so a rise in earnings of some tenants is quite possible. Whereas director of Nonprofit Housing public affairs, Jeannette Brown, said, it may be possible that Los Angeles’ rising living cost has driven many citizens to depart, which contributed in declining the need of affordable homes in the county.
Now the question is how to cope with the existing housing crisis of the county. It is dire need of time to facilitate low-income earners with subsidized housing, for the price of most market-rate units is beyond low-income earners’ affordability.
Matt Schwartz, California Housing Partnership president, stated on Tuesday: “The housing crisis is bigger than any single community and no matter how hard local governments and their citizens work to address the crisis they need help from the state and federal governments,”
He suggested that state leaders must seek a road map to replace community redevelopment funding and convert it into easier one for counties to inflate money for affordable housing. And according to him, it can be best done through ballot measures.