I have always been sensitive to housing issues, perhaps because of my experiences in other careers (my corporate roles, prior work at the New England Medical Center in Boston), places I have lived and traveled, my reading, people I have associated with, and more recently as a real estate professional. After reading several articles recently, and thinking more about the housing market we have experienced in the last few years, it seemed appropriate, if not necessary, to comment on the housing issues facing this country, and our individual communities. And to talk about what can be done, and IS being done, by many of us.
Just a couple of examples of the problem. The housing affordability index in California, according to C.A.R. is 24% - only 24% of people in the state can afford the median priced home, and individual indexes in many communities go far lower (where I am in San Diego County, 21 towns recently had a reported index of less than 10%).
A recent report issued by the Center for Housing Policy and NHC (National Housing Conference) found some pretty disturbing statistics - health care workers are priced out of the median price home in the majority of 200 metropolitan areas in the country. But the problem is not just homeownership, but the ability to afford to rent even a 1-bedroom apartment in the majority of metro areas. I could go on and on, citing other reports with similar dismal data. But I suspect the problem is far more serious than these various reports show. And of course there are there is the housing crisis brought on by natural disasters such as Katrina. We are all acutely aware of these issues in our respective communities and a number of you have written about them; see Roberta Lee's recent post The Rich Get Richer...my interest is in what is being done, and not done, to address these issues.
Many areas I have lived in provide affordable housing including Carlsbad(yes, the word "affordable" is, perhaps, a misnomer). As an example, in Cambridge, MA, 10% of every new condo complex had to be designated for affordable housing as determined by city statistics on low and medium income levels. Lotteries were used to determine who, of those who met the income criteria and loan requirements, could purchase these properties; there were other restrictions as well.
We are all aware of the Federal subsidized housing program through HUD called Section 8 to assist low income individuals and familes nationally. Carlsbad, where I am now, has a number of apartment complexes that are either partially designated for this program, or entire complexes which are "affordable."
And every major city has numerous shelters (e.g., Rosie's Place in Boston) and programs dedicated to assisting the homeless, a far more insidious problem facing our communities, and one which many try to ignore or pretend does not exist.
I am proud of the fact that, while in Cambridge, I was a member of the Cambridge Council of REALTORS, who were very involved in housing issues for renters. The housing organization called CHAF was founded in 1999. The Cambridge Housing Assistance Fund provides rental assistance to low income earners and the homeless in the community through subsidies for apartment depositsrentals; many community organizations and individuals are now part of a citywide coalition - the banking community, Harvard University, small businesses, private citizens. An annual fundraiser sponsored by the Cambridge Council of REALTORS raises over $175K each year to assist hundreds of families. This is just one way that critical housing issues are being addressed.
Are we doing enough? Absolutely not. But perhaps this sort of thing is being done elsewhere; it certainly could be a model for other communities. And I suspect many of you are aware of and/or participating in similar programs, or are dedicated in other ways to assisting those with these types of housing issues. Let's hear about them!
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