Some facts about affordable housing in Santa Monica. Most facts come from the Rent Control Boards 2014 Annual Report.
1. There are 28,069 controlled rental units.
2. Income needed to afford market rate apartments; 1 bedroom $81,450, 2 bedroom $96,267, 3 bedroom $112,080.
3. In 2014 82% of rent controlled units required an income of 110% of Area Median Income or $71,280. 4. In 2014 only 5.5% of controlled units rents were affordable to very low income renters (50%AMI $32,400) or low income renters (80% of AMI$51,840)
Anybody can see that true affordable housing in Santa Monica is disappearing . To maintain the city’s history of racial and economical diversity, something has to be done.
The big question is what and how. If we take pride in our city’s history of diversity it needs to be done. Accomplished in the least impactful way but accomplished.