Proposals to simply “approve more new housing construction” run into the political economic issue that virtually all of the initial new supply is going to be luxury market hosting, which will dampen the enthusiasm of residents to keep approving more new housing.
Is it $330k per unit in Sacramento?? What about the part that would have to be financed by the city (certainly not all of it) and what about leveraging existing funds raised.
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The statewide avg cost per unit is $330k, and Sacramento tends to be pretty average.
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In San Francisco the price per unit is around $800,000, which is about twice the cost of a commensurable market rate unit. Some affordable housing units cost more than $1 million/unit
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Through various various sources, not including the bond, the state budget contains about $4 billion/year for housing. I’m not sure how much we spend on MITD in California though
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Is MITD Mortgage Interest Tax Deduction? If so, it's about $5B per year in California.
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