and that the building of new housing in downtown Berkeley will continue. Let’s build on this momentum, and get serious about addressing the massive housing shortage in our community that is hitting working families hard. Downtown is great, but we have to do an order of magnitude more to bring supply and demand into balance.
Only 18% of Alameda County families can afford to buy the average home. In San Francisco the average rent is a staggering 46% of the average household income. According to the National Low Income Housing Coalition, a family must earn $37.62/hour to afford the average 2 bedroom in San Francisco, and $30.35 to rent a 2 bedroom in the “affordable” East Bay. And the trend line is pointing way up.
For folks who want an overview of how we got in this situation, I highly recommend this article from back in April. It’s a long read and has a SF/tech industry perspective, but the dynamics discussed here apply to the whole Bay Area.
A few of the takeaways that I think are particularly pertinent to Berkeley: