With the living costs in San Diego are already astonishingly high, another price increase in the housing market seems unnecessary. However, based on the measure the San Diego City Council recently approved, the price tag could be increasing.
The inclusionary housing amendment will raise the cost of housing for families already financially burdened by their rent. The measure will not only aggravate the current housing issue in San Diego, but also produce a number of other consequences as well. Rent would be expected to increase by about $100 a month or $1000 a year, along with house prices increasing by $17,000.
The nine City Council districts would be giving up numerous market rate houses and apartments along with housing production decreasing by 5 percent. In addition, about 322 fewer market-rate units would be produced, with 73 taxpayer-subsidized units being built. Lastly, for each of the families that would obtain a taxpayer-subsidized unit, about four out of five of those units would be priced out of the market.
While Mayor Faulconer has yet to make a final decision, Councilman Scott Sherman is imploring him to veto the measure. The approval of the measure would ensure a heavier financial struggle for families and only increase the steep rent prices in San Diego. It is evident that Mayor Faulconer needs to shut down the measure in order to keep San Diego affordable.
You can see Councilman Scott Sherman’s press release here.
Photo by Jeff Turner via Flickr
