There is a shortage of nearly 1 million affordable homes in five Southern California counties, according to a new report from the nonprofit California Housing Partnership Corp.
A total of 949,016 more affordable rental units are needed for families earning 50% or less of the median household income, the report said. LA County accounts for 551,807 of those needed units.
The median income for LA County is $64,300, according to the U.S. Department of Housing and Urban Development, Curbed Los Angeles reports.
The study shows rents have climbed 32% since 2000 in LA, the Daily Breeze reports. At the same time, local household income has dropped approximately 3%.
Funding for affordable housing has also fallen 64%, which adds up to $457M/year.
Recommendations from the report include creating incentives for developers to have affordable housing projects in their developments and proposed legislation that would include voters approving ballot measures to pay for new units to be constructed.
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