The San Diego Housing Federation said Thursday its latest research shows that the county is short 134,500 affordable housing units as wages fail to keep up with rising costs.
“The need for affordable housing in San Diego is greater than ever,” said Stephen Russell, president and CEO of the federation. “Today’s data shows that investment from all levels of government is helping, but now is not the time to back down.”
Russell called on the city to rework its latest budget to prioritize funding for more affordable housing.
The federation, a nonprofit organization that support affordable housing development in the region, released its annual Housing Needs Report. Among the other findings in the report:
- Rents are stabilizing, a sign of the city’s pro-housing efforts at work. The average asking rent for a two-bedroom unit is now $2,479.
- However, wages have not kept up with increases in rent. On average, a single person needs to make $47.67 per hour to comfortably afford the average monthly rent.
- There has been a 13% decrease from the last year in state and federal funding for housing production and preservation.
- For people experiencing homelessness in San Diego, there are 800 fewer beds available than there were just a year ago. San Diego County is 9,226 beds short.
During a morning press conference, housing advocates urged passage of Assembly Bill 1657, which would ask voters to approve $10 billion in bonds to fund rental housing and home ownership programs.
“The facts in this new San Diego County report underscore the need for state leaders to take immediate action to provide local governments with meaningful resources so that they can produce and preserve more affordable homes, which is the best solution to homelessness,” said Matt Schwartz, CEO of the California Housing Partnership, a private nonprofit created by the Legislature to advise on housing policy.