During the years after the Great Recession, the country’s affordable apartment stock declined by 60 percent, according to The Washington Post. The story cites a report by Freddie Mac, which compares unit rent increases between 2010 and 2016.
Although California ranks eighth among global economies, the state also holds the dubious distinction of having the highest poverty rate in the United States. Analysts say the exorbitant housing costs and shortages are the cause. Others observe that recent wildfires that have destroyed thousands of homes are contributing to the problem.
A new project for both farmworker and workforce housing will be the first of its kind in Woodburn, Oregon.
In the quarter ending June 30, 2017, Rural Community Assistance Corporation (RCAC) closed 14 loans totaling nearly $8 million to assist rural communities in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon and Washington. Among those that received loans were a nonprofit organization that supports Arizona migrant workers and a rural Nevada food hub.
California is building barely enough new housing amid population growth, although state lawmakers have several options to address the crisis during this legislative session.