From time to time we like to give an update on the housing and homeless crises here in Los Angeles. This helps shape our story of "why" we exist and what our long term goals are.
We believe in human rights. We believe in advocacy. We believe housing is a human right. This is why we plan to create new transitional housing for the most vulnerable in our city within 5 years. Our board is ready, we just need to acquire 2-3 years of solid financials and that will put us in the housing market.
Here's the housing update:
The California Housing Partnership has released an update on LA County’s housing emergency, which is at the core of our homelessness crisis. Here are the key findings: LA County needs 516,946 more affordable rental homes to meet current demand. Low-Income Housing Tax Credit production and preservation in LA County decreased 31% between 2016 and 2018.
Renters in LA County need to earn $47.52 per hour—more than three times the local minimum wage—to afford the median monthly asking rent of $2,471. Cuts in federal and state funding have reduced investment in affordable housing in LA County by more than $496 million annually since 2008, a 70% reduction. 79% of extremely low-income households are paying more than half of their income on housing costs, compared to just 3% of moderate-income households.
We are in this for the long haul. Please check back for updates!