Wage Gap Makes Affordable Less So

IRVINE, CA—The higher median income in Orange County than in Los Angeles, coupled with tax-credit rules, prevent tenants from affording OC’s affordable-housing rents, WNC‘s EVP and COO Michael Gaber tells GlobeSt.com. Because of this higher median, the tax credits for affordable housing aren’t as high, so owners need to charge higher rents, which many people can’t afford, he says.

As GlobeSt.com reported earlier this week, demand for affordable housing in many US markets is growing exponentially because of population growth and the economy to the point where developers can’t keep up, Gaber told us. We also spoke with him about the differences in affordability between Orange County and Los Angeles and other affordable-housing trends he’s noticing.