It’s still difficult for first-time homebuyers, so we need to create opportunities
April 16, 2008 – 12:33 pmCarolyn Said in the SF Chronicle on 4/15/08 reported on an “Associated Press-AOL Money & Finance telephone poll of 1,002 adults, including 769 homeowners.” Unsurprisingly, people are worried.
What interested me was that even as people worry about slumping home prices, they understand the reality that tightened credit and mortgage underwriting leave prices still out of reach of many would-be homebuyers:
A huge majority - 82 percent - of respondents think it is “very” or “somewhat” difficult for most first-time home buyers to afford a home.
Today, the San Mateo Daily Journal demonstrated a similar understanding of the issue, with an editorial about the Bay Meadows development:
The Bay Meadows Land Company will make plenty of money on this development — particularly the large number of office buildings it plans. But to make this development truly successful, the community needs to ensure it provides a variety of housing opportunities for all income levels… To be a truly successful sustainable transit-oriented development, this property should have a large amount of housing priced below the current average market rate.
Indeed, Bay Meadows II will have 15% below-market rate homes when it’s complete in 15-20 years. HLC advocated for that at several hearings.
And we very much appreciate the Journal’s call for housing opportunities at all income levels. In fact, that’s HLC’s mission — “to accelerate the creation of housing at all affordability levels to create opportunity and a viable quality of life.” They’re paying attention!
