February 14, 2022,
Some issues keep you stuck in the past.
At no fault of your own.
We know it is important to stay in the present, and create solutions, while building a better future.
Having said that, sometimes you still need to look back. At least for a moment.
The affordable housing crisis has been a crisis in San Francisco for years. Still is.
We have been writing about it for years. Still are.
That tells you something.
In a previous article we stated, according to sf.curbed.com as reported on April 5, 2018, “The median price of a single-family home in San Francisco rose to yet another all-time high by quarter in Q1 of 2018, according to a report released Wednesday by Paragon Real Estate economist Patrick Carlisle, this time hitting $1.61 million.
If accurate, this figure means that the price of a San Francisco house has nearly doubled just since 2013 and soared more than 23.8 percent since Q1 of 2017, when Paragon calculated a median of $1.3 million.”
Let’s move up the timeline to 2021
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According to fox17.com, “Housing affordability in America has fallen to its lowest level in nearly a decade, leaving many priced out of the American dream according to a housing opportunity index published by the National Association of Home Builders (NAHB).”
NAHB released the Housing Opportunity Index conducted in cooperation with Wells Fargo, finding just 56.6% of new and existing homes sold from April to the end of June were affordable for a family earning the median income of $79,900.
The median home price in the U.S. is now a record $350,000, the index share.
On August 25, 2021, as reported by noradarealestate.com, “The median sale price for a Bay Area home last month was $1.3 million. Most homes in Santa Clara County were snapped up in about eight days.”
Brace yourself. We are about to speak, current talk.
On February 10, 2022 Nar.realtor.com reported, “With sustained price appreciation and higher mortgage rates, affordability worsened in the fourth quarter as the monthly mortgage payment on a typical existing single-family home with 20% down payment rose by $201 from a year ago to $1,240, or 16.9% of the median family income.
According to the latest quarterly report from the National Association of Realtors®, out of 183 measured markets, 67% of the metros reached double-digit price appreciation compared to 78% in the prior quarter. Nationally, the median single-family existing-home price rose at a slower rate of 14.6% year-over-year to $361,700 compared to the year-over-year pace in the previous quarter (15.9%).”
Did we read that correctly?
In 2021 the national median home price was $300,000 and now in just February of 2022, it sails in at $361,700.
And you know what?
What do you think the housing market will look like if we write another story about it in 2023?
One more.
The team at National Mortgage Professional posted, “The median home sold price in San Diego jumped by 14.3% in Jan. 2022 to $764,000, bringing the city’s unaffordability score — a ratio of home sold price to median household income — to 8.1, according to OJO Labs.
Despite San Francisco still boasting the most expensive housing stock of any metro in the U.S., a 4.2% home sold price decrease in Jan. on an annual basis actually drove San Francisco’s unaffordability score below 8 for the first time since OJO Labs began tracking the data in July 2021, according to Patrick Kearns, director of storytelling for OJO Labs. In Jan. 2022, San Francisco’s unaffordability score fell to 7.9, down from 9.2 last month.”
Alright, let’s take a deep breath. Why?
There is hope.
At least for San Francisco.
A very innovative city. Few have thought of this idea before.
It is incremental but it might have an effect.
San Francisco Secures Over $200 Million in State Funding for Affordable Housing
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Friday, February 04, 2022,
Funding is supported by the American Rescue Plan Act
San Francisco, CA — Today, Mayor London N. Breed announced San Francisco has been awarded more than $200 million in funding from the California Department of Housing and Community Development. This support was provided by the new California Housing Accelerator Fund, which was seeded with a $1.75 billion investment from the federal American Rescue Plan Act.
These dollars will provide the final funding necessary for four key affordable housing projects that will build over 400 units of affordable housing for families, formerly homeless individuals, public housing residents, and transitional aged youth. These projects include:
- 180 Jones Street, a 70-unit development for formerly homeless and low-income adults in the Tenderloin.
- 1801 18th Street, a 157-unit affordable family housing project that is a component of San Francisco’s HOPE SF initiative which will provide new replacement units for residents living in public housing in Potrero Hill and additional affordable family housing.
- Parcel C3.1, a 138-unit affordable family housing development on Treasure Island.
- San Cristina Hotel, a rehabilitation of a 58-unit Single Room Occupancy Hotel on Market Street which will house formerly homeless adults.
These shovel-ready projects are expected to begin construction in the coming months.
“These funds come at a critical time in San Francisco,” said Mayor Breed. “They will help us continue to deliver desperately needed affordable housing units for our families, workers, and individuals exiting homelessness as part of our overall strategy of building more housing at all income levels across the entire City. In addition to the State’s critical leadership, I want to thank Speaker Nancy Pelosi and our federal leaders for their incredibly important work to bring this funding to California and San Francisco.”
“Thanks to Democrats’ American Rescue Plan, a life-changing $200 million investment in affordable housing is headed to San Francisco,” Speaker Nancy Pelosi said. “With this urgently needed funding, our City will be able to build, rehab, and replace more than 400 affordable housing units, house more low-income San Franciscans struggling through the pandemic and reduce homelessness. Let us salute Mayor London Breed for her dedicated and long-standing leadership in expanding affordable housing opportunities in San Francisco.”
“When we launched the California Housing Accelerator, we had clear objectives - eliminate the backlog of projects standing in long lines for tax credits and bonds, bring affordable housing to communities in need, and reduce the amount of time and money involved in preparing to make these homes available,” said Gustavo Velasquez, Director of the California Department of Housing and Community Development. “And while more work remains in Tier 2, today’s announcement is an important step toward achieving our affordable housing goals.”
“We are grateful for the Housing Accelerator Fund’s investment in San Francisco,” said Eric Shaw, Director of the Mayor’s Office of Housing and Community Development. “This funding source has been key to moving our projects forward in a competitive funding environment.”
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