CBS SF Bay Area/5KPIX/Len Ramirez, 3/22/16. "$250K per year salary could qualify for subsidized housing under new Palo Alto Proposal."
| Convenient location, cozy, Pergo floors, $3.6 Million. |
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| Another green city with an "alternative" infrastructure. |
The city council has voted to study a housing proposal that would essentially subsidize new housing for what qualifies as middle-class nowadays, families making from $150,000 to $250,000 a year. .... The plan would focus on building smaller, downtown units for people who live near transit and don’t own cars, along with mixed-use retail and residential developments.
Sky-rocketing housing prices in Palo Alto have left some in limbo; with teachers, firefighters and other government workers not earning enough to cost of living. .... Some of the small two-bedroom, one-bath homes on her block are worth between $1.5 and $2 million – as teardowns. That’s just what the dirt is worth." Read more.
Reference. Palo Alto City-Data. City of Palo Alto. Wikipedia
Note photographs. Palo Alto sign by Eric Wesoff from Green Tech Media (GTM). Palo Alto house for sale Zillow. 1340 University avenue, downtown location, 2 bedroom, 1 bath, 990 sq.ft. living space, 6000 sq.ft. lot, $3.596,145.
Posted by Kathy Meeh
5 comments:
See this is smart thinking.
Allow more housing that is affordable by a certain and well defined income group.
Such that, the said income group is capable of bringing in incremental tax revenues through consumption.
Can we get some of this smart thinking in Pacifica too?
Kathy
This goes back to chicken or the egg which came first
Palo Alto and every other city wants to improve
Pacifica likes to look like a Calcutta slum
It is nice being a millionaire in Pacifica!Do not get much for it though!
The clever part about Palo Alto's proposal is that it will increase housing in terms of units while NOT depressing the current valuations due to increased supply.
How did they manage that? Well, they defined the parameters for newer housing in terms of sqft and location. And by extension, they've segregated the valuation for current housing stock and the potential upcoming housing stock.
New higher income immigrants. Town is richer -- culturally, intellectually and financially. Everyone is happy.
Btw, Pacifica can implement similar starting from allowing higher density housing in Fairmont to begin with. This way any increase in town population will be concentrated in the north with easy access to I-280, Caltrain and BART and will not overload HWY1 in the south.
Full Disclosure: I do not own any property in Fairmont area.
10:07
It's nice to have bought my house for 30k and it's worth a million now
Life is good.
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