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Newsroom

  • U.S. News: Californians No Longer Believe in ‘California Dream,’ Study Finds

    California’s population nearly tripled during the second half of the 20th century, thanks in part to an influx of immigrants, the rise of the technology industry and the idea of the “California dream” – the idea that the American dream of success through hard work was even more achievable in the Golden State. But California’s population growth rate has slowed significantly in the 21st century, and now sits at 0.7 percent, the same as the national average it once far outpaced. A survey released Tuesday by the Public Religion Research Institute paints a grim picture for those living in California, suggesting the majority of residents do not believe the “California dream” is alive today and many people are struggling to make ends meet. Nearly half of the state’s workers are dealing with poverty, and most residents say they would urge young people to leave the area and search for opportunities elsewhere.

  • Daily Californian: Bill Aimed at Increasing Affordable Housing for Students Passes in California State Legislature

    housing_aslesha_kumar_fileSB 1227 — which was issued by California state Sen. Nancy Skinner, D-Berkeley, and which aims to increase affordable student housing — was passed by the California State Legislature on Tuesday, according to a press release. According to SB 1227, developers building housing that is entirely for students will be able to qualify for a “density bonus,” provided that 20 percent of the units are used for lower-income students. “SB 1227 will encourage the construction of more housing and more affordable housing for college students up and down the state,” Skinner said in a press release. “Students deserve to focus on learning instead of worrying about whether they have a place to live.”

     

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  • Sacramento Bee: Building a vast new city on L.A.’s northern edges: A solution for region’s housing crunch?

    Up near the top of the Grapevine, where Los Angeles and Kern counties meet, sits the largest contiguous expanse of privately owned land in California. Sprawling grasslands sprout native and non-native species. Joshua trees with spiky branches clump together. At higher elevations, oak and pine forests blanket hillsides in a thick, green velvet, providing a home to deer, black bears and elk. Tejon Ranch, a 270,000-acre plot, is one of the last frontiers of relatively undeveloped space in the Los Angeles region. That may soon change. After years of planning and debate, as well as real estate busts and booms, the Centennial development is set to come before L.A. County’s Regional Planning Commission for possible final consideration Wednesday.

     

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  • Bloomberg Businessweek: Big City Housing Doesn’t Have to Be So Expensive

    The one-story house for sale on Oak Court in Menlo Park, Calif., is 88 years old and 830 square feet, with two bedrooms, one bathroom, a detached one-car garage, and no air conditioning. Almost anywhere else it would be the startiest of starter homes. But because it’s in Silicon Valley, where the supply of housing is far short of the demand, the bungalow was listed in mid-August for $1.575 million. Imagine if ants put up barriers that stopped other ants in their colony from getting to a sugar cube. That’s what Americans are doing to one another by making housing impossibly expensive in the very places, such as Silicon Valley, that most need fresh talent.

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  • Planetzen: How Filtering Increases Housing Affordability

    A narrow definition favors policies that preserve and subsidize cheap housing. A broader definition tends to supports policy reforms allow much more development of moderate-priced housing ($200,000-600,000 per unit) in walk-able urban neighborhoods. Even if the new units are initially too pricey for lower-income households, they increase affordability through filtering, as some lower-priced housing occupants move up to the moderate-priced units, and over time as they depreciate and become cheaper.

     

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  • Globe St: Competition Heats Up in Mobile Housing Market

    Rising multifamily rents have fueled an affordability crisis in Southern California and many are calling for more affordable housing options. Where there is demand, there is almost certainly investment opportunity, according to Hunter Thompson, a principal at Cash Flow Connections. Investors are increasing exposure to more affordable niches—like workforce and low-income housing—and competition is heating up in the mobile home park market as well. Once considered a high-risk investment, investors are seeing more and more stability and NOI growth in mobile homes.

     

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  • Forbes: U.S. Household Wealth is Experiencing an Unsustainable Bubble

    Since the dark days of the Great Recession in 2009, America has experienced one of the most powerful household wealth booms in its history. Household wealth has ballooned by approximately $46 trillion or 83% to an all-time high of $100.8 trillion. While most people welcome and applaud a wealth boom like this, my research shows that it is actually another dangerous bubble that is similar to the U.S. housing bubble of the mid-2000s.

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  • NBC Los Angeles: Los Angeles Takes Another Step Toward Homeless Housing

    A hotel on the edge of Skid Row will now be home to people who may have been on the streets. The Healthy Housing Foundation has been re-purposing hotels since the fall.They criticize the city for not keeping step especially after the passage of measure HHH, taxpayer money to help build new housing. The hotel is the fourth property bought by the nonprofit group Healthy Housing Foundation, nearly 600 rooms now available.They ask why the city doesn’t do the same.”This keeps me off the streets,” said Tony Gilfort, who lives at the Baltimore Hotel near Skid Row.

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  • Napa Valley Register: Napa Council May Restore Affordable Housing Requirement

    As apartment rents in Napa remain high and vacancies stubbornly low, the City Council will look into restoring requirements that new rental housing complexes reserve some units for lower-income tenants.At its Tuesday meeting, the council will review how Napa could revive an ordinance that ordered builders to set aside 10 percent of the units in rental housing construction for tenants making less than the city’s median income.The rule was one of many across California to be neutered by a 2009 court case declaring such “inclusionary” requirements an illegal back-door form of rent control. But city staff members say a state law passed last year will let Napa bring its law back to life, and cut into a widening shortfall of housing for lower-income Napans.

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  • The San Diego Tribune: Housing Crisis Prompts San Diego to Pursue ‘Inclusionary’ Legislation Opposed by Developers

    San Diego officials say they plan to follow the lead of other California cities and begin requiring developers building new apartment complexes to either include units reserved for low-income residents or pay hefty fees.Supporters say the highly anticipated “inclusionary housing” legislation could play a key role in solving the city’s housing crisis, while also making many neighborhoods more diverse racially and economically.Critics warn that the proposed legislation, which is expected to be unveiled this fall, could backfire and choke off housing construction at a crucial time by slashing the profit margins of developers.San Diego officials were prompted to pursue new legislation by a California law enacted in January that gives cities and counties more latitude on inclusionary housing ordinances, which had previously been declared invalid by state appellate courts.

     

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