SAN DIEGO-In an effort to ease the affordable housing crisis that continues to affect a vast number of San Diego residents, the San Diego City Council last week approved an inclusionary housing policy for the region. The new policy, which passed in a six to two vote, is the time the city has mandated an affordable housing component.

According to the recently passed policy, developers will now be required to build 10% of their residential properties as affordable. Under the new legislation, affordable rental units will be based on a family of four earning less than $29,051 per year. Affordable “for sale” units will be priced for a family of four earning up to $60,100. Developers will have an option of paying an “in lieu” fee rather than building affordable units, but the fee will ultimately rise to $2.50 per sf over the next three years.

“An inclusionary policy tells developers that if they want the right to develop land in the City of San Diego, than they have to do more than just build for the highest-end, most profitable segment of the market,” says Toni Atkins, councilmember for the Third District. “What this provides is affordable housing in every neighborhood – not just our older, urban communities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.