Tuesday, February 11, 2014

Report: Rising rents hurting California's affordability

The L.A. Times reports:
A combination of rising rents and falling government aid for affordable housing has dealt a blow to California's lower-income residents, according to a new study.

Nearly 1 million extremely-low-income California households lack affordable, habitable homes, a need most pronounced in Southern California, a report released Tuesday found.

The foreclosure crisis displaced many homeowners, driving up demand and prices in the rental market. As the crisis eased over the last year, the housing recovery sent home prices soaring.

Incomes have failed to keep pace. The state's median rent rose more than 20% from 2000 to 2012, while median incomes fell 8%, the report from the California Housing Partnership Corp. said.

Good luck to Blackrock on getting higher rents.