The Big Problem with Affordable Housing

"There’s a big problem with affordable housing: It eventually flips to market rate.

In the next five years, by the city’s estimate, 8,597 income-restricted apartments in Los Angeles may no longer be affordable.

“This is one of the greatest issues of urgency we’re seeing,” says Natalie Minev, staff attorney at the Legal Aid Foundation of Los Angeles.

The Los Angeles City Council on Friday ordered the housing department to come up with recommendations for preserving the covenants that keep apartments affordable. Those covenants typically keep rents between about $350 and $1,300 for a one-bedroom, depending on income and family size. (The average price of a one-bedroom in Los Angeles is $1,745 per month.)

“We need to embrace a policy that’s calling for no displacement, no evictions,” says Councilmember Gil Cedillo..."

Continue reading