State short of affordable rentals
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The California Budget Project is the latest group to send up red flares about the state’s worsening affordable housing shortage. The nonprofit’s new report, “Locked Out 2002,” estimates California is short 651,000 affordable rental units for families earning less than $18,000 a year.
The number reflects a steep downturn the last decade in construction of apartments, condominiums and townhouses.As shortages push up home prices, the state’s 58% homeownership rate is the nation’s fourth worst, the study shows, behind Hawaii, New York and the District of Columbia.
Since 1995, owners of 24,000 “affordable” housing units have converted to market-rate rents.
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