Housing News Roundup: May 18, 2015
S.F. Mayor Increases Proposed Housing Plan to $500M
Last week a San Francisco supervisor presented a housing plan with the express purpose of pushing Mayor Ed Lee to increasing the funding total in his own proposal. It seems to have worked. Lee is expected today to announce a $500 million affordable housing bond measure to build or renovate 3,000 affordable housing units by 2030. “We are not producing affordable housing quickly enough,” said Supervisor Scott Wiener about the plans. “So anything we can do to accelerate the production of affordable housing, we need to move in that direction.”
Source: San Francisco Chronicle
California City Regulates Short-Term Rentals
Santa Monica, Calif., is taking a bold step to increase its affordable housing stock by regulating short-term rentals of less than 30 days. The Los Angeles Times said that the measure, which is viewed as push back against companies such as Airbnb, “could potentially energize short-term rental opponents around Southern California and in other vacation destinations nationwide.” The law would ban about 80% of the city’s 1,700 short-term rentals; owners can still rent out rooms if they are licensed and pay the 14% city hotel tax.
Source: Next City
Where to Find Millennials in the Cities
Millennials may be making their way back to the cities, but they aren’t making it all the way to downtown, according to a new report from the Urban Land Institute. “Contrary to popular belief, most Millennials are not living the high life in the downtowns of large cities, but rather are living in less centrally located but more affordable neighborhoods, making ends meet with jobs for which many feel overqualified, and living with parents or roommates to save money.” The report, “Gen Y and Housing: What They Want and Where They Want It,” is based on a survey of 1,270 people ages 19-36.
Lack of Affordable Housing Means Long Commutes in South Florida
South Florida’s roads don’t appear up to the challenge of meeting the needs of a rebounding economy, which is impacting companies that make their home in the area’s urban core of Miami, where housing is far too expensive for many. Instead, workers commute in a region where businesses and workers rate traffic as “very bad” and employers say that traffic means their workers are “always or often” late. The average resident of Miami-Dade, Broward and Palm Beach counties spends 37 hours per year stuck in traffic. “Everybody knows our roads are really, really crowded and it’s impossible to navigate during the day,” said Mitchell Friedman, a partner at the developer Pinnacle Housing Group. “It’s making it much harder for people to commute to work.”
Source: Miami Herald
Boston’s Red Line Seeing Affordable Housing Options Grow
Ongoing development around Boston’s JFK/UMass Red Line station will add much needed affordable housing units to the city. The plan includes 275 apartments under construction and an additional building with 184 units of housing. “In Boston, finding an affordable price point means you might not be right downtown,” said Kenan Bigby, a vice president at Boston-based Trinity Financial. “But with the Red Line right there, you can get downtown within 10 or 15 minutes.”
Source: Boston Globe