120,000 Affordable Homes Lost Since 2020, Now 324,000 More Are At Risk
Thursday, March 23, 2023
California's Experts on Affordable
Housing Finance, Advocacy & Policy
324,000 Naturally-Occurring Affordable Homes Are At Risk
California Has Lost 120,000 Affordable Homes Since 2020
CALIFORNIA, March 23, 2023 -- Using a new, proprietary methodology, the California Housing Partnership is now able to identify unsubsidized naturally-occurring affordable housing (NOAH) properties that due to their age, location and other market factors, offer rents affordable to low-income households. This is the first statewide assessment of At-Risk NOAH that has been done to date. Notable findings include:
Already Lost
120,000+ homes are no longer affordable, largely concentrated in Southern California, the Bay Area, and Sacramento and Fresno counties
Now At-risk
324,000+ homes are currently at risk of losing their affordability by mid-2024
47 of 58 counties in CA have at least 100 at-risk homes
Highest numbers are in Southern California and the Bay Area
Los Angeles County has the highest number 85,350
Nearly 37% of CA’s multifamily housing stock is currently at very high or high risk of losing their affordability by mid-2024
Of the most populous counties, Fresno (69.5%) and Kern (61.1%) have the highest percentages of at-risk affordable rental homes
Displacement from a NOAH property is particularly concerning from a fair housing perspective as 66.5% of lost NOAH are located in the High or Highest Resource areas compared to 43.7% of remaining NOAH.
Want to hear more about this new report and its findings?
On Wednesday, April 26 at 2:00 p.m., join us for a virtual discussion with policy experts and nonprofit housing providers working in the trenches to ensure affordable homes are not lost as the need for them grows.
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 $30 billion in private and public financing to preserve and create more than 85,000 affordable homes. | chpc.net
