A new report shows the City of Santa Monica is struggling to meet its affordable housing quota, a ratio set by voters back in 1990 when they passed Proposition R, according to a new report released by the City.
During the 2016 fiscal year, developers built seven new apartment buildings in the City. Prop R requires thirty percent of all new multi-family housing go to middle or low-income households. With 175 brand new apartments open for rent in 2016, only 34 of them were below market-rate, or just 19 percent. This is the third year in a row the City has failed to meet the benchmark.
Read More: http://smdp.com/city-failed-to-build-enough-affordable-housing-for-third-year-in-a-row/159694