Real Estate
Only 13% Of New Santa Monica Residences Considered Affordable
Although the City Charter requires 30% of new construction to be considered affordable, Santa Monica failed to meet that for the third year.
SANTA MONICA, CA – Santa Monica's affordable housing goals haven't been met for the third year in a row, building less than half of the affordable units they aimed for. Only 13 percent of the residences built last year were considered affordable, according to a report on Propositions R and I presented to the city last week. Although the City Charter requires 30 percent of new construction to be affordable, developers have failed to meet that measurement for several years, Santa Monica Daily Press reported.
The charter only governs the number of housing units completed, but the annual report measures the units completed, in construction, and approved in a given year. This year 100 were completed (13 percent were considered affordable), 586 units were under construction (20 percent considered affordable), and 386 were approved (18 percent considered affordable), according to the newspaper.
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