How is California meeting the needs of low-income renters?
CALIFORNIA AFFORDABLE HOUSING NEEDS | 2022 REPORT
CALIFORNIA, March 30, 2022 -- State leaders are making an effort to increase the resources supporting California's lowest income renters, committing significantly more funding just in the past two years to combat homelessness and displacement. 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.
Half of California’s 6 million renter households are lower income, with more than 1 million extremely low-income renter households.
Renters need to earn 2.8 times the state minimum wage to afford average asking rent in California, which increased by 11% since last year.
Although California has more than doubled production of new affordable homes in the past 3 years, the State is only funding 16% of what it needs to meet its goals.
Only 10% of renter resources from the State are permanent/ongoing compared to 99% of the support for homeowners.
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
