CALIFORNIA, March 15, 2023 -- The California Housing Partnership annually assesses the needs of California’s low-income renters for the purpose of informing state and local policy leaders. Key findings from this year's California Affordable Housing Needs Reportinclude:
California spends twice as much supporting homeowners than renters and only 17% of renter resources are permanent compared to 97% of the support for homeowners.
Black renter households are 41% more severely cost burdened than white renter households.
Although California has more than tripled production of new affordable homes in the past four years, the State is only funding 20% of what it needs to meet its goals.
Fund affordable housing and homelessness solutions at scale by:
Investing $7.9 billion in the 2023/2024 budget as requested by a broad coalition.
Placing AB 1657 (Wicks), an affordable housing bond, on the 2024 ballot.
Develop an on-going revenue source at the scale needed over 10 years.
Reduce the cost of developing affordable homes by a) applying the welfare property tax exemption at the time a property is dedicated to affordable housing; b) making state funds available during construction to reduce interest costs; and c) capping disproportionately large state monitoring fees.
Our state's housing affordability challenges, decades in the making, will be improved by these and sustained long-term efforts, as detailed in California's Roadmap Home 2030 (roadmaphome2030.org). By pairing clear goals with synergistic policy and systems-change strategies that can have an effect over time, the investments made today will bring about the outcomes many Californians have been longing for.
To further discuss this report and its findings, join the discussion on social media with the following hashtags: #housingneeds #housingneedsCA #CArenters #housingaffordability
The California Housing Partnership creates and preserves affordable and sustainable homes for Californians with low incomes by providing expert financial and policy solutions to nonprofit and public partners. Since 1988, the Partnership's on-the-ground technical assistance, applied research, and legislative leadership has leveraged $25 billion in private and public financing to preserve and create more than 75,000 affordable homes. | chpc.net
