The only problem is that a large part of the city has single-family homes, and the residents are unwilling to convert these houses into high rises
Oakland, CA (PRWEB) February 11, 2014
The housing crisis in San Francisco Bay Area is likely to ease in the future, says full-service real estate and property management firm ACL Real Estate and Property Management. With the government working to speed up new residential construction and Mayor Ed Lee’s seven-point plan, the availability of affordable housing is expected to rise in the city in the foreseeable future.
The shortage of affordable housing in San Francisco Bay Area almost seems like a chronic problem, given the difficult approval process and the strong local opposition that every new construction project has to face. On the other hand, the rise in jobs has been attracting more and more people to the city. As a result, approximately 4,000 new housing units have become available in San Francisco Bay Area over the past three years for about 10,000 new households, says the San Francisco Planning Department. This has also been responsible for the whopping 17% rise in rents in the past three years, according to statistics released by Black Knight Financial Services.
The good news, however, is that Mayor Lee has unveiled his plan to make more affordable housing available by adding 30,000 new housing units to the city over the coming six years. A majority of these housing units will be set aside for families that earn between 80% and 150% of San Francisco’s median income.
“Housing supply is all set to see rising inventory this year with 6,000 housing units that are under construction likely to become available soon,” says a spokesperson from ACL Real Estate and Property Management. “The only problem is that a large part of the city has single-family homes, and the residents are unwilling to convert these houses into high rises,” the spokesperson adds.
The problem is that it is more difficult to add new housing units in San Francisco Bay than it is in younger cities, especially given that the city is spread across 49 square miles of hilly peninsula. However, the city has been lagging behind its peers as well. For instance, San Francisco Bay has added only 1,500 new housing units each year for the last two decades, while Seattle has added 3,000 each year. This slow pace of construction is partly responsible for the current housing crisis, says ACL Real Estate and Property Management.
About ACL Real Estate and Property Management: With years of experience and a proven track record in quality service and reliability, ACL Real Estate and Property Management is one of the fastest growing full service real estate and property management firms in the East Bay and Peninsula areas. The company has a successful track record of assisting home owners in both selling and buying any type of property. The company also offers comprehensive property management services that ease the process of selecting tenants, maintaining the home and ensuring timely rent collection for homeowners.