Local governments would never be able to finance this type of project on their own, by putting it on a horrible credit card (we all know muni bonds are a garbage way to finance stuff) or otherwise.
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Replying to @louismirante @kimmaicutler and
The city of Sacramento, according to my local activist friends, has 61,000 people in need of subsidized housing. At current cost per unit in California (about $330,000/unit) that’s $21 billion in need. Right now. That’s 21x Sacramento City’s budget.
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Replying to @louismirante @MattBruenig and
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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Replying to @kimmaicutler @MattBruenig and
The statewide avg cost per unit is $330k, and Sacramento tends to be pretty average.
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Replying to @louismirante @kimmaicutler and
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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Replying to @louismirante @kimmaicutler and
Ability to leverage local funds also declines as you ramp up production, so you really do need state and federal participation in dramatically increasing their funding commitments
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Replying to @MattBruenig @louismirante and
Not global capital!!!
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Replying to @ShaneDPhillips @MattBruenig and
But I'm not talking about availability of cash, I'm talking about paying it back. Here in LA people often talk about how a new affordable unit costs the city $100-150k. But that's just the city's share, and that share goes up if we build a lot more of it.
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adding @DonaldFalk and @sammymoss425, who can maybe provide some insight into how and when rents can pay back publicly subsidized below-market-rate housing.
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Replying to @kimmaicutler @MattBruenig and
Our developments service any and all kinds of debt from day one of total occupancy. That said the real “pay back” comes when we refinance or resyndicate every 15-20yrs.
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