Eduardo Castellon’s Post

In recent years, we’ve seen a significant decrease in new housing starts in Los Angeles. This trend is concerning, especially considering the city’s existing housing shortage. Los Angeles is currently short of approximately 270,000 affordable housing units needed to meet the current demand. In fact, LA County alone is more than 500,000 units short of creating a balanced housing supply that could help prevent people from falling into homelessness. With fewer new starts, the supply of housing, particularly affordable housing, is likely to be severely impacted in the future. This could exacerbate the existing housing crisis and make it even more difficult for residents to find affordable homes. However, as a real estate developer who specializes in multi-family development, I see this as an opportunity. Development deals, if penciled out correctly, can be a win-win for both developers and the community. In 2-3 years, those who are building now will be in a position to push pricing on rents up due to the limited supply. This not only provides a return on investment but also contributes to the much-needed housing stock in our city. As real estate developers and investors, it’s crucial for us to understand these trends and consider how we can contribute to solutions. Whether it’s through investing in affordable housing projects or advocating for policies that encourage new development, we have a role to play in addressing this issue. Let’s continue the conversation. What are your thoughts on the decreasing housing starts in Los Angeles and its impact on future supply? #RealEstate #HousingCrisis #LosAngeles

"Overall, we found that building 100 market-rate units increased the probability of low-income households moving out of a neighborhood by 0.982 times in Los Angeles and 1.138 times in San Francisco (short-term), with effects decaying over the long term. In other words, if a neighborhood gained 100 new market-rate units, a particular low-income household saw a decreased probability for out-migration of 2% in Los Angeles but an increased probability of 14% in San Francisco of moving out relative to when there was no new construction." #SanFrancisco #Displacement #AffordableHousing #CommunityDevelopment

This article from the Regional Planning Association highlights how six cities are addressing the housing affordability gap by creating "missing middle" housing such as duplexes, townhomes, and small multifamily units. These efforts promote community economic development by providing more affordable housing options, attracting a diverse workforce, and supporting local businesses, all while promoting sustainable growth. This approach ensures that housing is accessible for various income levels, strengthening local economies. Read more here: [How Six Cities are Creating Missing Middle Housing](https://lnkd.in/eKVpyPXr). Post #1 for PAD4253 assignment Luis Nieves-Ruiz, FAICP

🗣️ **Let's Talk Housing Affordability & The Missing Middle** 🏡 It's a well-known fact that we have an affordability problem in the housing market. Yet, even when I am working with other home builders/developers I see significant conflict that many communities face: acknowledging this issue while simultaneously opposing the very changes needed to address it. On one hand, there is a widespread consensus that housing prices have skyrocketed beyond the reach of many families. We hear stories daily of young professionals, essential workers, and even middle-income families struggling to find a home within their budget. The reality is clear—affordable housing is a critical need. On the other hand, when it comes to implementing solutions, such as zoning changes or introducing new types of housing products (think duplexes, townhomes, and apartment complexes), resistance often emerges. Concerns about changing neighborhood character, increased density, or potential impacts on property values create a barrier to the very progress we need. This conflict presents a crucial challenge: How do we balance the desire to maintain our communities' character with the urgent need for more affordable housing options? Here are some thoughts on bridging this gap: 1. **Community Engagement**: We need more inclusive and transparent conversations about the benefits of diverse housing types. Educating communities on how thoughtful development can enhance, not detract from, neighborhood quality is key. 2. **Innovative Solutions**: Embracing creative approaches to zoning and housing design can address concerns while meeting affordability needs. This might include mixed-use developments, accessory dwelling units (ADUs), or incentivizing affordable housing projects. 3. **Policy Support**: Policymakers play a critical role in navigating this balance. Strong leadership and evidence-based policies can help align community goals with housing needs. 4. **Collaboration**: Public and private sectors, along with community organizations, must work together to find sustainable solutions that benefit all. The path forward requires us to confront our own contradictions and take meaningful steps towards a more inclusive housing market. By supporting zoning changes and diverse housing products, we can create vibrant, affordable communities for everyone. Let’s continue this conversation. How can we better address the affordability issue in our own neighborhoods? Share your thoughts below! 👇 #HousingAffordability #UrbanDevelopment #CommunityBuilding #AffordableHousing #ZoningReform

Did you know the average rent for a one-bedroom apartment in Toronto is around $2,500? This staggering cost is a key driver of our housing crisis, leading to increased evictions and a growing need for affordable housing solutions. But it's more than just numbers—this crisis affects the very fabric of our community. Families are being displaced, young professionals are struggling to find stable housing, and our most vulnerable neighbors face the constant threat of homelessness. We need to ask ourselves: What kind of city do we want Toronto to be? How can we create a future where everyone has access to safe, affordable housing? This issue demands innovative thinking and collective action. From policy changes and community initiatives to sustainable development and inclusive urban planning, there are many paths we can explore. Let's not just talk about the problem, but also focus on solutions. How can we make housing more affordable and accessible in Toronto? What policies or community efforts have you seen work elsewhere that we can bring here? Share your ideas and experiences. Together, we can build a more equitable and inclusive Toronto. (via The Local)

As someone who works to connect tenants with housing resources at the NYC Mayor's Public Engagement Unit, I see every day how hard it can be to find affordable homes in NYC. With rent-stabilized and rental housing vacancy rates at historic lows, competition for housing has only driven up costs, making it harder for many to stay in their communities. #CityOfYes for Housing Opportunity aims to create more housing options across NYC and has a Universal Affordability Preference to help ensure more affordable homes are available for New Yorkers. By allowing more homes to be built in neighborhoods citywide, this proposal can help reduce the pressures of high rents, displacement, and gentrification—giving current and future residents more opportunities to find a place they can call home. Learn more about the proposal and what it could mean for New Yorkers: https://ow.ly/a9Yw30sHyPV

As someone who works to connect tenants with housing resources at the NYC Mayor's Public Engagement Unit, I see every day how hard it can be to find affordable homes in NYC. With rent-stabilized and rental housing vacancy rates at historic lows, competition for housing has only driven up costs, making it harder for many to stay in their communities. #CityOfYes for Housing Opportunity aims to create more housing options across NYC and has a Universal Affordability Preference to help ensure more affordable homes are available for New Yorkers. By allowing more homes to be built in neighborhoods citywide, this proposal can help reduce the pressures of high rents, displacement, and gentrification—giving current and future residents more opportunities to find a place they can call home. Learn more about the proposal and what it could mean for New Yorkers: https://ow.ly/J0vw30sHW88 NYC Mayor's Public Engagement Unit

In February 2024, the New York City Department of Housing Preservation and Development reported a critically low rental vacancy rate of 1.4%, according to its 2023 Housing and Vacancy Survey. This rate, far below the 5 to 8 percent considered healthy, signals acute challenges in the housing market, marked by steep rents and a severe shortage of available homes. This scarcity particularly affects low-income families, with some having to allocate over half their income to cover rent, severely limiting affordable housing options. The repercussions of this housing crunch are widespread, affecting various demographics, including students from Fordham University, who find off-campus housing increasingly unaffordable. The median rents across NYC boroughs remain daunting, pushing students to opt for on-campus living despite a desire for more independence and space. Personal accounts from students highlight the dichotomy between the high cost of living in the city and the yearning for autonomy that off-campus housing offers. Amidst these challenges, the city is taking legislative steps to mitigate the crisis. The "Fair Housing Framework" law, enacted in late 2023, aims to foster the creation of 100,000 new homes across the boroughs by altering zoning regulations, a move intended to bolster housing availability and affordability. This situation emphasizes a broader issue of economic disparity and housing accessibility in New York City, necessitating comprehensive and effective solutions to ensure that all New Yorkers have access to affordable and decent living conditions. #NYCHousingCrisis #AffordableHousing #RentalVacancyRate #FairHousingFramework #NewYorkCity #FordhamUniversity #HousingShortage #EconomicDisparity Contact me to discuss the latest scoop in real estate! #manhattanrealtor #brooklynrealtor #queensrealtor #bronxrealtor #westchesterrealtor #nyrealtor #nycrealtor #realtist #nyrealestate #douglasellimannewyork

As someone who works to connect tenants with housing resources at the NYC Mayor's Public Engagement Unit, I see every day how hard it can be to find affordable homes in NYC. With rent-stabilized and rental housing vacancy rates at historic lows, competition for housing has only driven up costs, making it harder for many to stay in their communities. #CityOfYes for Housing Opportunity aims to create more housing options across NYC and has a Universal Affordability Preference to help ensure more affordable homes are available for New Yorkers. By allowing more homes to be built in neighborhoods citywide, this proposal can help reduce the pressures of high rents, displacement, and gentrification—giving current and future residents more opportunities to find a place they can call home. Learn more about the proposal and what it could mean for New Yorkers: https://ow.ly/3nzW30sHNm9

🏠 A Victory for Affordable Housing: A Model for Communities Everywhere 🏘️ In Manhattan’s Upper West Side, a modern 11-story building has transformed a former parking garage into nearly 200 deeply affordable homes for individuals and families in need. This project offers hope and valuable lessons for tackling the housing crisis across the country. ✨ Key Takeaways: 🏠 199 affordable apartments, including homes for formerly homeless individuals 💲 Subsidized rents to ensure housing is accessible to those with the greatest need 💡 Added community benefits like a health clinic, event space, and park improvements The project faced intense opposition from groups concerned about traffic, noise, and neighborhood change—challenges familiar to housing advocates nationwide. But thanks to strong leadership, thoughtful community engagement, and innovative funding, this vital development became a reality. This success story shows how communities everywhere can work together to create housing solutions that transform lives and strengthen neighborhoods. #AffordableHousing #HousingSolutions #BuildingCommunities #HousingForAll