San Diego City leaders have announced a new plan to create more affordable housing options for low and middle-income local families.
Mayor Kevin Faulconer and several city council members announced "Housing SD" on Wednesday.
“The state’s housing shortage and the unaffordable housing market it spawned has left the dream of homeownership out of reach for the majority of San Diegans," Mayor Kevin Faulconer said. "The only way to change that is to build more housing that people can actually afford. Hardworking folks who love San Diego and want to live in San Diego should not be priced out of San Diego."
Some of the goals of the proposal are to spur more housing in San Diego through incentives for developers and speed up the review process for developers to build in the city.
The proposal also aims to put more funding toward affordable housing options and build more homes near transit areas to encourage people to use public transportation.
The City says that more than 70 percent of San Diegans can’t afford to buy a house at the county’s median home cost of more than $500,000–making San Diego one of the least affordable markets in the country.
“Part of the reason for the high cost is the lack of supply. We're not building enough housing. There isn't enough housing that is in reach for those with working means," said Rick Gentry, president and CEO of the San Diego Housing Commission. "And, so some of that problem is hindrances at City Hall--fees and the time it takes to get a new project approved."
The new proposal hopes to make the process for building in San Diego easier.
There are a dozen proposals in the new housing plan proposed by Faulconer and City leaders. The goal is to implement them over the next year.
Several of the proposals will be addressed by the San Diego City Council this summer and fall.