While I would support 100M/yr for affordable housing, the proposal strikes me as indicative of how far we are in denial about the scope of the problem. At current costs, this would make ~140 units/year, at a time when we need tens of thousands.
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Replying to @xander76 @kimmaicutler
CA HCD reports that unit costs in Bay area are 400K per unit http://www.hcd.ca.gov/policy-research/plans-reports/docs/FinalAffordableHousingCostStudyReport-with-coverv2.pdf … Some analysis of last years package suggests that major impacts to come from policy changes rather than new programmatic moves https://github.com/policyclub/housing-analysis …
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Replying to @hunter_owens @kimmaicutler
Thanks for this. I was basing my estimate of 700-900K on recent affordable developments in SF. Two thoughts: 1) that study *seems* to be excluding land cost from that cost estimate; I was including. 2) study period ended in 2011, and land costs have gone way up since then.
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That being said, my estimate was very back-of-the-envelope based on a small sample of recent SF developments.
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Replying to @hunter_owens @kimmaicutler
Yes although there is a graph in that study that pegs it at 406K/unit for SF county proper, excluding land, from 2001-2011. I find that believable, and consistent with 700-900K all-in costs with land today.
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Replying to @xander76 @kimmaicutler
Ah, that makes sense-- Those numbers all make sense. End of LIHTC is gonna kill this stuff too
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IMO, Would be better to have a general rent subsidy policy for % of AMI with gradually weaning until at 20% of AMI
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Replying to @hunter_owens @xander76
I mean people at the median AMI like what is that 80-90K probably have a hard time w 3400 1BR rents...
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Replying to @kimmaicutler @xander76
exactly- given the prior that the US has a market housing system, high demand areas can't subsidize everybody who needs it (which your ^ do) without massive change in housing policy
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They’re prob there bc of either rent control or just having bought a long time ago.
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Replying to @kimmaicutler @xander76
which produces political bias and challenges.
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