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A lot of issues here, and the historic placement of public housing was often set up to fail (cut off from the rest of the city by freeways, for example, and the
by kevinburke 5y ago
A lot of issues here, and the historic placement of public housing was often set up to fail (cut off from the rest of the city by freeways, for example, and then underfunded), but I'll just note that housing is so expensive now that a family making $74,000 qualifies as "low income" in Yolo County. https://www.yolocounty.org/home/showdocument?id=66968 https://www.yolocounty.org/home/showdocument?id=66968
There's no requirement that the developer is a public agency and only 20% of the apartments must be made available to families making $74,000 or less.
This is far into the salary scale for Davis School District educators, for example. https://resources.finalsite.net/images/v1593632639/davisk12utus/glo6umaefzurq2y7ggdl/Table12020-2021.pdf https://resources.finalsite.net/images/v1593632639/davisk12u...
- epistasis 5y agoUsing the 30% requirement for below-market-rate rents, that's $1850/month for an apartment, which could go pay for nearly $400,000 of construction costs. Which could be a fairly large apartment, actually! Time to start working through some pro-formas, this might have a lot of potential. Prop 13 typically makes it really really hard for new landlords to compete, since long-time landlords pay nearly zero in taxes, but this might actually pencil.