By nearly every metric, Miami-Dade County is one of the most difficult places to live if you don't make a ton of money. The county's median income is a staggeringly low $44,000, compared to the $80,000 median income in a comparably expensive city such as Seattle. That means Miamians wind up spending a higher percentage of their incomes on rent than residents of any other city in America.
Bay Area renters, don’t look now, but more hikes might be on the horizon.
Year over year rents rose 3 percent in March in San Jose, 6 percent in Oakland and 1 percent in San Francisco, according to a survey by Apartment List released Monday. Nationally, rents rose about 2.3 percent during the last 12 months.
Real estate economists and professionals are expecting a continued run-up during this year’s peak summer moving season. “We’re just not doing anything to keep up with it on the supply side,” said Chris Salviati, housing economist with Apartment List.
When Congress voted last year to sharply reduce corporate income taxes, it undermined the nation’s largest subsidized housing program. This week’s federal spending compromise may help shore it up.
The program, called the low-income housing tax credit, enables corporations to lower their taxes by helping to finance low-cost housing. Lower corporate tax rates made the credit less useful, alarming developers and agencies that provide housing for the poor in rural America and large cities.
The nationwide shortage of housing inventory is a daily topic in the industry in 2018, with accelerating home prices combining with inventory shortfalls to make it very difficult for many potential homebuyers to find an actual home to purchase. The problem also extends to the rental side of things, with rent prices also increasing and renting becoming an increasingly popular option for many would-be homebuyers who decide renting is a better or more economically feasible option than saving up for a downpayment on a home.
In early 2016, Ani Rivera’s landlord offered her a $5,000 buyout to leave the place she called home in the Mission and Bernal Heights area. Then, the landlord began showing the property to prospective buyers.
Anxiety and vulnerability set in. Rivera was uncertain how to proceed.
Her post as executive director of the Mission nonprofit Galeria de la Raza was called into question, as Rivera believed she needed to live in the community to properly serve it.
Clipboards in hand, signature-gatherers are fanning out across four Southern California cities this month, turning up at supermarkets and metro stops and apartment complexes to pitch a measure for the November ballot that they say will be salvation for renters.
But for landlords, their pitch is blasphemy.
At issue is whether the cities of Long Beach, Inglewood, Glendale and Pasadena should join a tiny band of California cities that already have rent control and “just cause” eviction laws that prevent landlords from ousting tenants in good standing.
When did the endless debate over the unfairness of California’s housing market become such an exercise in missing the point?
Developers huff and puff about rent control and how, if it’s enacted, the construction of apartment buildings will grind to a screeching halt, exacerbating the housing crisis. Renters rant about how they don’t care because they need help – now. And political candidates, well, they try to have it both ways.
For decades, the question of where Los Angeles should build housing has been a local matter.
Real estate developers have mostly relied on an elaborate web of city zoning rules to figure out how tall a new residential building can be, how many parking spaces it must have, and how many homes can be built on a particular piece of property.
"I was surprised by the lack of empathy,” Carrie Merino said. “I would say, ‘I’m a single mom with three kids and I have a job so I can pay the rent. I just don’t have three times the amount of income you require to qualify.’ ”
One day after Orange County supervisors voted to spend more than $70 million to house the homeless, residents in three prosperous cities expressed alarm about a proposal to set up "camp" shelters in their communities.
Besides creating permanent housing, the officials' plans call for possible camps in Irvine, Laguna Niguel and Huntington Beach on county-owned land. The Irvine City Council voted unanimously late Tuesday to sue the county to stop the proposal.