Research: Affordable Housing Challenges
Student: Ronin Conroy
Professor: Guidance provided by Assistant Professor Spencer Couts of the University of Southern California.
Abstract: Why is Affordable Housing in California Not So Affordable?
This paper identifies the barriers to affordable housing development in Los Angeles, focusing on financial and regulatory challenges. Although California houses 12% of the U.S. population, it accounts for 30% of the nation’s homeless, with over 171,000 people unsheltered in 2023. Affordable housing aims to provide financially manageable residences for low- and moderate-income families, but development faces significant obstacles. This paper explores the primary drivers of high costs, comparing publicly funded projects to those with private equity. Extended regulatory processes, costly permits, impact fees, and restrictive zoning make California’s projects more expensive and time-consuming than those in other states.
To address these challenges, streamlining regulations, reducing fees, and incentivizing development are essential. Publicly funded projects are often much costlier than private ones, making many economically unfeasible. Without changes, resolving the housing crisis could take decades. While temporary efforts like utilizing low-occupancy hotels and purchasing motels are helpful, long-term solutions must be expedited.
Use the link below to access the full research:
https://drive.google.com/drive/u/1/folders/1Oki4s8MTNlrnSbnJol9QwRw0Rw1MneYX