Over the next decade, Santa Monica and other cities in California will have to rethink how they produce affordable housing.
The state is set to require communities across the state to produce more market-rate and affordable housing than ever before to try to make a dent in a housing shortage that has sent the price of rents and mortgages soaring and thrown thousands of people onto the streets. Housing for low- and moderate-income renters will be particularly tough to produce in the quantities that the state needs, and municipalities will need to find new ways to fund housing projects and make them cheaper and easier to build.
Currently, Santa Monica requires for-profit developers to include a certain amount of affordable units in market-rate housing projects and provides funding for nonprofit developers like Community Corporation of Santa Monica to construct 100% affordable buildings.
Read More: https://www.smdp.com/primer-affordable-housing/186621