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Housing affordability is also affected by prevailing Community opposition to higher densities is another <br /> interest rates, mortgage lending practices, and the constraint. San Leandro is a predominantly single <br /> availability of credit. Mortgage rates are much lower family, suburban community. Many of the City's <br /> in 2010 than they were a few years ago, creating apartments were built in the "motel style" of the <br /> opportunities for first -time buyers and homeowners 1950s and 1960s, with variable quality and spotty <br /> seeking to refinance. However, lending practices and maintenance. Some were built with little attention to <br /> credit terms have become more restrictive. There context and architectural detail, creating a negative <br /> are also more homeowners who find themselves image of higher density housing in the City. The <br /> "underwater' —owing more on their homes than the potential for opposition means that good design and <br /> homes are currently worth. planning are essential in future higher density <br /> projects. Continued attention to detail, quality, and <br /> The high cost of land and construction is also a public input, will be important to win and sustain <br /> constraint. Building a new home in San Leandro community acceptance. <br /> today can cost upwards of $350,000 in material and <br /> labor. Adding land costs of $150,000 per lot results <br /> in developer costs of at least $500,000 per new <br /> home. Even multi-family housing units may cost <br /> $200,000 to $250,000 per unit to build. With these <br /> expenses, it is difficult for the private sector to <br /> produce affordable housing without subsidies or <br /> other financial incentives. <br /> • <br />