Affordable Housing Shortage
Severe shortage of affordable housing units has resulted in working families spending more than 30% of income on housing, increased homelessness, and young adults unable to purchase homes in their communities.
Ways to address it
3 approaches- Community Land Trust ProgramEstablish community land trusts to maintain permanent affordable housing, provide shared equity homeownership programs, and prevent gentrification by keeping land in community ownership while enabling resident homeownership.
- Housing Trust Fund DevelopmentCreate dedicated revenue streams through real estate transfer taxes, development impact fees, or bond measures to fund affordable housing development, down payment assistance, and rental subsidy programs.
- Inclusionary Housing OrdinanceRequire new residential developments to include a percentage of affordable units or pay in-lieu fees, while providing density bonuses and fast-track permitting for developers who exceed affordable housing requirements.