A forum was held in Kearny Mesa Thursday to discuss a recent report card identifying just four local communities out of 18 that are considered to have sufficient housing.
Studies suggest up to 40 percent of the cost of new construction comes from regulation expenses. Last year, construction in the San Diego area picked up and, as a result, more housing was developed. However, experts say we need to have several more years like 2016 in order to keep up with demand.
Right now, the San Diego region has only half the housing needed for the area’s expected growth.
San Diego Mayor Kevin Faulconer said he’s doing his part to try and remedy the housing crisis, including talking to mayors from surrounding cities.
“Part of the problem has been it’s taken too long to get through the bureaucracy,” Faulconer said. “We want to streamline the process.”
The mayor said if there are clear rules, the city will get affordable housing completed in a defined amount of time.
The average single-family home in San Diego is selling for more than $600,000.
The inability to afford housing costs is driving younger generations and senior citizens out of the region to neighboring states. It’s a trend that could have a domino effect on the region.
Millennials represent an important segment of our workforce, Sean Karafin, VP of Policy and Economic Research with the San Diego Chamber of Commerce said.
According to the new report from the San Diego Regional Chamber of Commerce and Greater San Diego Association of REALTORS, the four cities in San Diego County building enough units to meet affordable housing needs are Coronado, Lemon Grove, San Marcos, and Vista.