Housing affordability in San Francisco has reached a crisis point. With rents and home prices spiraling upward since the Great Recession, there has been no shortage of policy proposals envisioned to alleviate the city’s affordability problem. This analysis is the first to evaluate these proposals alongside each other using a consistent and comprehensive method to gauge their impact on affordability for individuals and families. High housing costs have a number of negative impacts on the Bay Area economy. These effects can range from businesses being unable to attract new employees, to increased traffic congestion on regional transportation systems as workers move away from job centers in search of affordable housing. Additionally, high housing costs have contributed to 20.6% of Californians living below the adjusted poverty line, the highest percentage of any state in the country. Affordability concerns have grown coming out of the Great Recession, with both rents and home prices escalating quickly. Average rental costs for the region now top $2,500 per month and the median single-family home price reached $841,500 in the second quarter of 2016. Nearly half of the region’s renters are considered burdened by housing costs.
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Edited By | Tabassum Rahmani |
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