At tonight’s March 28, 2016 City Council meeting, Action Item #2 will be a discussion of affordable housing. With the object of ‘directing staff to examine new affordable housing programs’ in the post-Redevelopment era, the attachments to the city’s agenda give weight to the size of the problem.
The document states that there are “45,340 employees and only 16, 958 housing units in Culver City…making the ratio of jobs to housing 2.67. This imbalance exacerbates housing costs which reflect market demand.”
Many residents realize how tight housing is, and with development booming and more employment coming in, more employees will be seeking housing closer to jobs. Yet the gap between wages and housing isn’t just wide, it’s uncrossable.
From the city, ” …federal and state standards of 35 percent of household income toward housing cost, the affordable cost to rent a two-bedroom home is $875 for a low income household and $1,603 for a moderate income household. Culver City has a vacancy rate of less than two percent for rental properties with the average monthly rental of $2,500 for a two bedroom apartment. The differential between affordable rent and current average rent is between $897-$1,625, making it impossible for a low or moderate income household to rent at an affordable rate in Culver City.”
Tonight’s discussion will include options on zoning density, the possibility of a ‘low and moderate income housing trust fund’ and and Affordable Housing Incentive Area.
The meeting will be at City Hall in the Mike Balkman Chambers, beginning at 7 pm. If you want to comment but can’t attend, click on the ‘Culver City Website’ link on the left and follow the prompts to email your comments before 4 pm this afternoon.