According to a new City of Oakland report,there are 18793 housing units in the city's development pipeline, and 2781 of these homes are already under construction.
But only 170 of the under-construction homes — 6 percent of the total — are being developed using tax credits or other financial tools to keep rents at affordable levels.
Meanwhile, and the average market-rate rent for a one bedroom apartment in Oakland has risen to $2400 per month,a level that's only considered affordable for people who earn upwards of $86000 per year.
Half of Oakland's households earn just $54618 per year, according to the U.
S. Census.
While Oakland's thousands of soon-to-be-built market-rate homes should help address the region's supply-demand imbalance, or it won't achieve much to help low-income renters who rely on subsidized housing for shelter.[br]
The report notes that things could secure worse due to uncertainty approximately the federal tax credits used by developers to finance affordable housing. According to the report,"the tax credit market has been volatile due to pending tax reform efforts since the change in national leadership.…
Source: eastbayexpress.com