Child Poverty Action Lab (CPAL) reposted this
'Rising property values and rents at properties not subsidized by government programs will make that gap worse, according to CPAL. The city could lose about 54,000 of unrestricted, affordable rental units over the next decade. These options typically house families making 50% or less of the area median income, which is up to $48,700 for a family of four... “Most likely, these families are sacrificing things like preventative healthcare, nutritious food, and educational experiences in order to keep a roof over their heads,” said Ashley Flores, CPAL’s Chief of Housing. When families spend a disproportionate share of income on housing, they are economically vulnerable and at greater risk for housing instability, Flores added. “This precarity ultimately impacts prospects for long-term upward mobility,” she said. The report surmised — based on data from the Lightcast labor market analysis firm — that the region will add 587,000 jobs by 2034, but over half of all jobs will pay less than $50,000 in 2024 dollars. In order to support lower-income households, essential workers and homelessness prevention, affordable rental options must prioritized, according to the report. “To help families realize upward economic mobility, access to housing that is affordable, safe, stable, and in a thriving neighborhood is critical,” Flores said. “Both production of new affordable housing and preservation of existing affordable housing are needed to ensure that supply meets demand in the future.”' https://lnkd.in/gKE2Qd2A