In a recent government meeting, city officials outlined ambitious housing goals aimed at addressing the growing need for affordable and attainable homes by 2030. The city plans to create 35,100 new affordable housing units and contribute to a total of 75,100 new homes to meet the increasing demand. This initiative is part of a broader strategy to stabilize the housing market and reduce homelessness by 25%, aligning with federal expectations.

Key objectives include ensuring that 50% of the new affordable homes target individuals earning at or below 50% of the Area Median Income (AMI), while the remaining units will cater to those earning between 50% and 120% of AMI. Additionally, the city aims to have at least 80% of these homes located near public transportation to promote sustainable living.

Currently, the city has approximately 57,100 income-restricted units, with about 1,000 more in the pipeline. However, officials acknowledged that the pace of affordable housing production has been insufficient, with only around 400 units completed over the past seven years. To meet the new targets, the city will need to ramp up production to approximately 584 units annually.

The meeting also highlighted the importance of increasing homeownership opportunities for moderate-income households, with a focus on homes priced around $300,000. City officials are awaiting data from local real estate associations to refine this goal further.

Overall, the meeting underscored the city's commitment to tackling housing challenges through strategic investments and policy adjustments, aiming to create a more equitable housing landscape for all residents.