Potential & Factual
Couple of pieces of good news , both potential and factual . . .
There is a great piece in the SacBee about West Sac's renassaince . It would be a great boon to the region to have a boulevard such as West Capitol redeveloped in a smarter way . The bonus to it being a bit seedy as we speak is that the only way to go is up . Some of the projects are old news , but there are many great ones being proposed as well . The boulevard has the potential to be a great gateway through West Sac and into Sacramento's downtown .
A TV studio for K behind the Hyatt is still in the air . I first heard this bit of tantalizing news a few months back . Todays Shallit column confirms that it is still an idea . Mention of a city subsidy however for this project seems a bit irresponsible to say the least . You cant tell me that CBS corporation cant afford this for themselves . That said I sure would love to see it happen . . .
Anyways . . .
So I couldnt help but notice that there are no shortage of projects in the works that I cannot really afford . Not just me but most of my friends and even some that make good money . Heather Fargo is constantly trumpeting ( rightfully so ) the need for more housing , particularly mixed use , in the central city . I am aware that the current slate of projects is just the start of a much needed housing resurgence , but I cant help but notice that the majority are pretty pricey units . I went in to check up on 1801 L and was shocked to find the starting price for a 2 bedroom was $1750 ! I am reserving judgement for now , but I am definitely keeping a watchful eye to see how long said trend will continue . I dont want to see the area lose its charm and become a gentrified high rise Roseville where only a small segment of the population can afford to live .
I would just like to see the central city housing and rental prices remain somewhat reflective of the great mix of artist , skaters , students , musicians , shopkeepers and normal folk that call it home .
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7 responses:
The good news with projects like 1801L, Fremont Mews and 800J Lofts is that since they received city subsidy, at least 20% of the units are "affordable" for moderate income and low income people/families.
45 units for 800J and 35 for 1801L. I think the income requirement is usually something like 50% of median income. Fremont Mews is 40% of all units with 24 at 50% of median income and 24 at 60% of median income.
Mixed-use and mixed-income projects is the way to go.
one major problem right now is that land prices + construction costs = luxury housing or nothing at all. everything is so cost prohibitive to built at present. i think that's why we're going to see a "top-down" approach with downtown/west sac housing. where the luxury projects come now, and when the dust settles, builders that cater towards the mid range and below will start getting creative... just a guess at least..
I agree that mixed use is always the way to go LIUS ,perhaps things will temper like in any other market when the product isnt a rarity which it still is here in Sac.
Good point Tower you gotta build what gets attention ( Towers , Aura ) maybe when the hype dies down a bit developers will see the market for more "affordable" homes and projects ...
I agree with TD, Unless the city is going to kick down some subsides for affordable housing, it's going to be hard to see a lot get built. Construction costs have gone up so much over the last few years. Maybe with the housing slow down more labor will be availble and will help bring costs down a bit.
I really wish that with what ever redevelopment money is left the city would use it to get more affordable housing in the city.
I think developers know there is a big market for affordable housing, but how to you make it work money wise..in the end, developers still want to make money.
I think that is horse sh*t. Nobody is really asking the right questions. We give the developers a subsidy so that their numbers pencil, which means they get 4 million in profit instead of 2 mil. Maybe we should subsidize those who truly need the help, not weathly developers who want a couple more millions in profit.
Don't get me wrong, I am all for inclusionary housing and mixed use, but MIXED income housing is non-existent in Sacto and many other cities.
It does suck, but unfort that's how it seems to work. Developers want to make a certain return for their risk. If they only make 4% or 5% doing a development, why take the additional risk of a affordable housing development when you can get 5% return risk free in a money market account.
There are SOME mixed income projecs in Sac, just not a ton of them.
It seems like you need to find that local developer who is willing to take less of a profit to do something good for the community. Question is, are there any out there...
"It seems like you need to find "
by "you" I didn't mean you literally....
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