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Menlo Park's housing plan outlines ambitious push for more affordable housing

Original post made on May 19, 2022

The city released a first draft of its 2023-31 Housing Element which details how it plans to add more than 3,800 housing units of all affordability levels.

Read the full story here Web Link posted Thursday, May 19, 2022, 11:34 AM

Comments (5)

Posted by Belle Haven Resident
a resident of Menlo Park: Belle Haven
on May 19, 2022 at 5:51 pm

Belle Haven Resident is a registered user.

About time!!!!


Posted by Ronen
a resident of Menlo Park: Suburban Park/Lorelei Manor/Flood Park Triangle
on May 20, 2022 at 8:24 pm

Ronen is a registered user.

Yes!

My wife and I have lived in the city for nearly 20 years. We finally bought our house in 2011. Our 3 boys grew up here and went to city schools. The last two will be graduating from MA next year. We need to build a community where kids who grew up here can afford to come back and live in the area.

We need more housing. Please build it and ignore the NIMBYs!


Posted by Menlo Voter.
a resident of Menlo Park: other
on May 21, 2022 at 8:24 am

Menlo Voter. is a registered user.

Go ahead and ignore the NIMBYs. I think ignoring economics will be much harder.


Posted by JR
a resident of Menlo Park: Central Menlo Park
on May 22, 2022 at 5:43 am

JR is a registered user.

Good progress on a challenging task. Parking lots, especially in downtown area, makes sense but the consultants’ comment that such lots are low value land is naive and just incorrect. That Quality parking is important to downtown economic and civic vitality, so use of existing parking lots for much-needed housing has to be accompanied by net new parking for these new residents and a first class parking garage to support local businesses. A multi story, modern garage can be built into the architectural character of the town and meet a vital need to support future growth and vitality.


Posted by PH
a resident of Woodside: Emerald Hills
on May 25, 2022 at 8:35 am

PH is a registered user.

Web Link

"In February of 2016, California’s Legislative Analyst’s Office (LAO) reported that California’s shortfall of subsidized housing units—affordable to those who earn 80 percent or less of the median income where they live— was about 1.7 million housing units. The LAO estimated that closing this shortfall through new construction would cost in excess of $250 billion in public subsidies, though the report also noted: “There is a good chance the actual cost could be higher.”

That caveat now seems prescient. Between 2016 and 2019, the costs to develop a new affordable unit under the Low-Income Housing Tax Credit (LIHTC) program have increased from $425,000 per unit to more than $480,000 per unit, an increase of 13 percent in just four years (after accounting for inflation). Costs per square foot have increased by 30 percent over the same time period, reaching $700 per square foot in 2019. A report by the federal Government Account¬ability Office (GAO) found that average development costs for new LIHTC projects in California were the highest in the nation, eclipsing those in New York City.

A recent LA times article shows affordable unit costs now approaching $1m per unit. Web Link


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