Housing News Roundup: July 21, 2015
Report: More Children in Poverty Today Than in the Great Recession
A new report released by the Annie E. Casey Foundation found that a higher percentage of children live in poverty now than they did during the Great Recession. Approximately one in 4 children, a total of 18.7 million, lived in low-income households in 2013, compared with about one in 5 in 2008. The report also identified racial disparities: black, Hispanic and American Indian children were more than twice as likely to live in poverty as were white children. “The fact that it’s happening is disturbing on lots of levels,” said Laura Speer, the associate director for policy reform and advocacy at the Casey Foundation. “Those kids often don’t have the access to the things they need to thrive.” However, Speer cautioned that a recent dip in the unemployment rate, from 7.5% in 2013 to 5.3% in 2015, might mean that poverty rates have also declined. The report ranked Minnesota, New Hampshire, Massachusetts, Iowa and Vermont as the top states for child well-being.
Source: USA Today
Lofty Goals for Denver’s Affordable Housing Future
Denver Mayor Michael Hancock and his administration aim to raise $15 million every year for affordable housing and create around 6,000 total units during his second term. During his first term, city programs partially supported the building of nearly 2,000 affordable units, which Hancock said was “not nearly enough.” The mayor has not specified whether he would seek a new tax, development fee, or other option to reach his goal. However, he has promised to double funding for affordable housing programs to a total of $8 million in the 2016 budget until a more permanent funding solution is found. Hancock’s administration is also looking into measures to encourage condominium building.
Source: The Denver Post
Opinion: S.F. Citizens Should Reject Mission District Moratorium
City officials in San Francisco are giving residents the opportunity to vote on a halt to all market-rate construction in the Mission District for 18 months. Officials claim that their “goal is not to stop all development,” but to stop “developments that focus exclusively on market rate housing.” Kriston Capps argues that such a moratorium will not solve the housing crisis in the Mission, because a lack of new construction is the primary source of the crisis all across the city. She believes a moratorium in the Mission could spread to other neighborhoods in the Bay Area, at a time when San Francisco is set to build more housing to alleviate skyrocketing prices.
D.C. Flood of Millennials Slows to a Trickle
D.C. was not as affected by the Great Recession as many other regions; in fact, 2010 and 2011 were booming in D.C. The city gained residents, bike lanes and dozens of restaurants and sidewalk cafes that catered to the influx of Millennials moving to the city. However, Census data reveals that this growth in young workers has now come to a halt, with DC gaining less than 3 thousand in 2013 compared with more than 10 thousand in 2010. Surrounding suburbs such as Arlington and Montgomery counties have seen a net decline in their Millennial residents, creating worry that housing as well as other industries could face a new flat economy come 2016. Many blame the slowdown to cuts in federal jobs, although some believe that recent private sector job gains may help keep the economy strong.
Source: The Washington Post
As Transit Access Increases in NYC Neighborhood, Home Prices Could Climb
Residents of Yorkville, on Manhattan’s Upper East Side, have been waiting decades for the opening of the area’s own subway station. Their disconnection from the city’s sprawling public transit system has meant lower housing prices, due to difficult commutes. As residents experience easier access to greater New York, they should also start preparing themselves for potential increases in housing costs at the end of 2016, when the subway stop is scheduled to open.
Source: The New York Times