The Bay Area housing crisis is a serious and ongoing issue that is affecting many. It affecting people who want to move to the Bay Area but can’t afford it because of how much it costs to even rent a house here. It also is affecting people who have to move out of the Bay Area because they can’t afford to live here anymore.
What is considered “low income” for a family of four to live in the Bay Area is $117,000. This amount is almost twice the national median household income. This means that people looking to buy a house in the Bay Area would need to make almost $350,000 a year to be able to afford a house. There needs to be 50,000 new houses built in order for there to be enough housing that’s affordable for people with lower incomes.
A solution to this problem needs to be found because 46% of residents are considering moving out of the Bay Area, simply because there’s not enough affordable housing.
In order to become more informed on this issue, I’d need to do additional research about solutions.
I’m interested in hearing what other people’s solutions to this would be.
