$1 Billion Housing Bond Measure
Today, the City Council voted unanimously to have the City Attorney draft a $1 billion dollar housing bond measure for the November ballot. This bond measure is what our city needs to effectively deal with our housing crisis.
It has become almost impossible to purchase a home in Los Angeles. Only 38% of Los Angeles residents are homeowners and prices skyrocket so quickly that only 12% of that percentage could afford to purchase their homes at today's prices.
This is shameful.
Soaring housing prices continue to squeeze our middle class. Los Angeles has become the "tale of two cities" with only two real classes - those who can afford housing and those who cannot.
We have a long road ahead in dealing with our city's affordable housing crisis. But this bond is a great step in the right direction. Our current housing market has priced hard working families out of homeownership. In the 11th district, over 58% of our residents are renters and are continuously threatened by the overwhelming number of condo conversions on the Westside.
This bond measure may not be the answer to all of our housing needs or even the social and economic complexities behind the problem. But it certainly gives us hope. This bond could potentially create about 1,000 additional units of affordable housing each year, by funding the development of new affordable housing projects and rehabilitating and preserving existing affordable housing.
Specifically, the bond measure sets aside:
-25% of funding for the development of affordable rental housing for the homeless and low income families, ranging from no income to 30% of the median income
-25% of funding for the development of affordable rental housing for households at 60% or below the median income.
-10% of funding for mixed income developments providing rental housing opportunities for individuals earning between 60%-80% of the median income.
-20% of funding on first time homeownership assistance for households at or below 150% of the median income. The majority of this funding will be dedicated to households below 80% of the median income.
I applaud the leadership of my colleagues, Councilmembers Eric Garcetti, Wendy Greuel, Jan Perry, Ed Reyes, and Herb Wesson on this very important initiative. I challenge the business community to partner with the City of Los Angeles to help spread the word and garner support from voters. It is in the best interest of the City, most importantly the families within this city, for this bond measure to be approved by voters.
-Bill
It has become almost impossible to purchase a home in Los Angeles. Only 38% of Los Angeles residents are homeowners and prices skyrocket so quickly that only 12% of that percentage could afford to purchase their homes at today's prices.
This is shameful.
Soaring housing prices continue to squeeze our middle class. Los Angeles has become the "tale of two cities" with only two real classes - those who can afford housing and those who cannot.
We have a long road ahead in dealing with our city's affordable housing crisis. But this bond is a great step in the right direction. Our current housing market has priced hard working families out of homeownership. In the 11th district, over 58% of our residents are renters and are continuously threatened by the overwhelming number of condo conversions on the Westside.
This bond measure may not be the answer to all of our housing needs or even the social and economic complexities behind the problem. But it certainly gives us hope. This bond could potentially create about 1,000 additional units of affordable housing each year, by funding the development of new affordable housing projects and rehabilitating and preserving existing affordable housing.
Specifically, the bond measure sets aside:
-25% of funding for the development of affordable rental housing for the homeless and low income families, ranging from no income to 30% of the median income
-25% of funding for the development of affordable rental housing for households at 60% or below the median income.
-10% of funding for mixed income developments providing rental housing opportunities for individuals earning between 60%-80% of the median income.
-20% of funding on first time homeownership assistance for households at or below 150% of the median income. The majority of this funding will be dedicated to households below 80% of the median income.
I applaud the leadership of my colleagues, Councilmembers Eric Garcetti, Wendy Greuel, Jan Perry, Ed Reyes, and Herb Wesson on this very important initiative. I challenge the business community to partner with the City of Los Angeles to help spread the word and garner support from voters. It is in the best interest of the City, most importantly the families within this city, for this bond measure to be approved by voters.
-Bill
posted by lacityorgcd11 at 7:13 PM
1 Comments:
Those of us on the "affordable housing program" in the new Playa Vista Development can no longer afford the "affordable" units due to huge rental increases each year. It seems that the seniors and/or disabled and others have been "lumped" into the "mean average income" of this area therefore giving managers/owners the right to raise rents exhorbitantly while Social Security and other assistance programs do not come anywhere near meeting these raises. This is absurd and overwhelming. What are we to do? Other affordable housing units have been taken up by mostly illegals, another problem, therefore leaving the rest of us on waiting lists for years and years.
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