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Naturally occurring affordable housing is disappearing. According to a new brief on affordable housing from UCLA Ziman Center for Real Estate, naturally occurring real estate, defined as class-B and class-C housing with below market rents, is disappearing as a result of value-add investment and a lack of new affordable housing development. Affordable and workforce housing are a critical component of the housing market, and according to the report, if there isn’t a correction or rent control regulations, naturally occurring affordable housing will continue to disappear.
“Naturally occurring affordable housing is a critical piece of meeting the demand for affordable housing in high-cost cities,” Maya Saraf, UCLA Anderson School of Management MBA 2019 alumna, tells GlobeSt.com. “Because there is not enough new affordable units being built, it is critically important to preserve the existing supply of affordable units, which includes NOAH. Building new affordable housing, such as those built with federal low-income housing tax credits, is besot by challenges including restrictive zoning, nimbyism, and rapidly escalating construction costs. Providing enough affordable housing in high-cost cities requires multiple solutions in addition to building new affordable housing. These include inclusionary zoning, allowing accessory dwelling units by right, and importantly, preserving the supply of existing affordable units.”
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Kelsi Maree Borland
Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.
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