Housing News Roundup: March 26, 2015
Los Angeles to Develop Housing with Low-Income Metro Riders in Mind
Approximately 80% of the people who use the Los Angeles Metro system are low-income. In order to ensure they continue to have access to the public transit system as it expands along five new rail lines, the Los Angeles Metropolitan Transportation Agency will include dedicated affordable housing as part of developments on its as-yet unused land. The transit authority owns around 50 properties along subway, rail and bus lines.
Source: Los Angeles Times
From Boulevard to Green Space in Miami
Miami, ranked 23rd out of 30 for walkability among the country’s largest metro areas, is taking steps to improve its standing. The planned Biscayne Green project will transform six waterside blocks of Biscayne Boulevard from roads with “little aesthetic value or curb appeal” into a pedestrian- and bike-friendly green space.
45-Block Detroit Development Pairs Revitalization and Affordability
The planned redevelopment of a 45-block-area of Detroit will set aside 20% of new residential units for affordable housing residents while also revitalizing some of the city’s historical property. “Restoring the Eddystone Hotel helps preserve an important piece of Detroit’s rich architectural history, while creating much needed job opportunities and affordable housing for Detroiters,” said Rod Blake, director of development for Olympia Development of Michigan. The planned $650 million project will also include multiple public spaces and event venues.
Source: The Detroit News
Tech Jobs Plus Limited Housing Equals a Seller’s Market in the Bay Area
An expanding technology sector and stagnant home building is powering a “feeding frenzy” in California, particularly for potential buyers in the Bay Area. “The white-hot — some would say overheated — core of the Bay Area homes market is San Francisco and Silicon Valley, and the heat radiates out from there, diminishing as one gets further away,” according to a new report. “This core is defined by the incredible strength of the economy, much of it supercharged by the high-tech boom.” Approximately 91% of San Francisco home sales in February went through without a price reduction.
Source: San Francisco Chronicle
How Philadelphia’s Transit Lines Could Adapt to Residents’ Needs
Philadelphia should look to Boston for guidance on how to adapt its transit infrastructure to meet the needs of low-income residents. The Massachusetts Bay Transit Authority converted its commuter rail line — with lower fares, more frequent service and longer hours — to meet the transit needs of several of the city’s working-class neighborhoods. Philadelphia is rich with higher-fare, lower-frequency regional transit lines, while its subway system is limited and would be costly to expand.
Source: Next City