This is the reason affordable housing needs to be built 40 years ago.
If a large apartment building was built in 1979 with a target rent price of $500/mo, that would have been considered a high-end development. Today, that building could (not necessarily will) provide low-income housing. As it would be paid off and $500/mo per unit could probably still provide enough money for maintenance and upkeep.
Exactly. This is way CA can't solve their housing problems today even if they had the political will to correct all the mal-incentives they have put into place.
If a large apartment building was built in 1979 with a target rent price of $500/mo, that would have been considered a high-end development. Today, that building could (not necessarily will) provide low-income housing. As it would be paid off and $500/mo per unit could probably still provide enough money for maintenance and upkeep.