Cost: The high cost of living in California is a well-established fact. (For proof, just ask my small town Midwest grandmother what she thinks of the rent check I write each month.) Recently, the Mercury News reported the statewide median rent for a two bedroom apartment was the third highest in the country at $2,400 per month. This statewide figure, however, pales in comparison to the true cost of renting in our urban centers. Our residential rental prices in Santa Monica ranked highest in the nation earlier this year, averaging $4,799 for a one bedroom unit according to Curbed LA. How do we balance the need to maximize revenues for our residential property owners against the financial needs of our would be-residents?

 

Inclusion: In order to reach their full potential as the central focus of our communities, our downtowns must be accessible to the greatest number of people. Great downtowns will house a racially and economically diverse population of residents reflective of the community's diversity as a whole. Downtown Santa Monica's diversity index stands at 54.9 today, comparable to the citywide index of 56.5. (Diversity index measures the likelihood two people chosen at random from the same area will be of the same ethnicity.) Does the diversity of your downtown residents mirror the diversity of your community's population? If not, what actions should we be taking to ensure our downtowns are welcoming to all?

 

Livability: A few years ago, the City of Santa Monica was awarded a grant by Bloomberg Philanthropies to move beyond economic indicators and produce a reliable measurement of its citizen's wellbeing. The results of the Wellbeing Project for Downtown Santa Monica were illuminating. On the positive side, downtown residents were found to have greater access to stores and services, to spend more time outdoors, to have excellent exposure to cultural amenities, and to take advantage of a rich network of transit options. On the other hand, those living downtown reported higher levels of stress (with rent and job security as primary causes), feeling less sense of community with their neighbors, and having fewer opportunities for social interaction. One focus of our organization in coming years will be to see these metrics improved before the wellbeing data is gathered again. How do we create engagement and a sense of community in downtown residential buildings with high turnover and short tenancies?

 

How does your organization engage with its residential stakeholders? We welcome your thoughts on the cost, inclusivity, and livability of downtown housing, and look forward to future discussions with our members on this topic.

 

Sincerely,

Steven Welliver

Deputy Chief Executive

Downtown Santa Monica, Inc.

[email protected]