San Diego Supervisors Approve More Affordable Housing

More affordable housing is coming to San Diego! This is great news since the local market, along with the rest of the country, has been suffering from shockingly low inventory. The new affordable housing developments will be crucial to help bring the market out of this crisis and return some power back to buyers. Here’s what you should know about this unanimous August 31 decision from the San Diego County Board of Supervisions.

The Importance of Affordable Housing

While San Diego is short on housing as a whole, those most affected have been lower and middle-class families. Affordable housing in San Diego has become a priority not only for buyers but renters as well. Based on the board’s agenda, affordable housing in the last decade has only been sufficient to meet about 10% of San Diego residents’ needs.

The Timeline for New Housing

The board’s decision was also an update on progress they’ve already made using the Innovative Housing Trust Fund which was established in 2017. This is the first program with the purpose to finance affordable housing throughout the San Diego area!

The Innovative Housing Trust Fund has already paved the way for five developments to be built in the last four years. Between this coming December and January 2024, 10 more developments will be completed. Fivemore affordable housing developments are still in the process of being financed. If all goes according to plan, this means 20 new developments in 15 communities with 1400 affordable housing units.

Even with all these new units being developed, this is far from the last we’ll see of affordable housing being financed in San Diego County. By current estimates, the county will need about 83,000 more affordable units in the next eight years to keep the pace of the growing population.

Start Looking for Affordable Housing in San Diego with the Horton Realty Team

If you’re excited about this shift because you’re on the hunt for affordable housing yourself, you should get in touch with the Horton Realty Team. We work with a variety of budgets so no matter what your specifications are, we can help you find a home that fits. Contact us today!

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