Posted on 08/14/2006 9:03:01 AM PDT by george76
The City Council is considering whether to use the property to build affordable housing, a condominium complex called Los Portales for families earning up to $160,000 a year.
Now, "it's hard to get sympathy for people making $160,000 a year if you're down in Texas or something," said Bill Watkins, head of the UC Santa Barbara Economic Forecast Project.
Any household with that kind of money is in the nosebleed section of American earners, and "most of the country would think, 'You're going to subsidize that person's house? You're kidding me.' "
But in this city — where the median home price is around $1.2 million — that person needs help. And the Housing Authority of the City of Santa Barbara is about to become the rare public housing agency to assist the well-heeled along with the poor, to build shelter for those whose business cards come in designer leather cases and include words like "doctor," "lawyer," "director."
The tallest building here is the eight-story Granada Theatre, built in 1924.
It could never be replicated today, in part because the City Charter strictly limits buildings to 60 feet, about four stories.
And even four stories is a hard sell.
(Excerpt) Read more at latimes.com ...
The end result is that prices will only continue to climb as the demand increases and the supply remains stagnant.
160k! Man, it sure takes a lot of money to be poor in California!............
If you can't afford it, go live in Ventura or Lompoc and commute - like a lot of folks do already.
Well, the idea is to help people like police and fire personnel actually live within Santa Barbara, so when the next 8.2 earthquake hits they won't be stuck in Lompoc with no way to get to town over the ruined highway 101.
Now teachers....well, their students would probably learn more if they were stuck in Lompoc for a semester. ;)
Unbelievable !! I only make 160 grand , can somebody please help me ?? Living proof that California is on another planet .
As long as you report less than $160,000 per year on your federal taxes.
Their clever friends likely also hide the company car, pensions, and other benefits off the Santa Barbara " affordable housing " forms.
The $160,000 poverty line.
(Go Israel, Go! Slap 'Em Down Hezbullies.)
The other problem is that this does nothing to address a persons actual wealth in terms of net worth. What is to stop a wealthy business owner from deferring a large portion of one year's compensation in order to qualify?
A lower-middle class person generally would not have the desire to manipulate things to qualify for subsidized housing, but a lot of wealthy people may for this.
If the help is from local funds its one thing... but if its from State or Federal funds, its quite another.
Glad to see your thread spamming has stopped.
These "affordable housing" programs are awful.
Your example of controlling income to fall within the limits for one tax year is correct.
Also, a trust funder with no "earned" income might find a loophole if the Santa Barbara do-gooders only classify earned income.
LOL
Why are all the "undervalued" properties in TX or LA?
From my brother (a Texan by choice)
Texas State bird used to be the construction crane, now it is the firebug....
I know a family where neither parent works; however, their house is paid in full and the man has a trust fund (on which he has no spending limitations) that is well in excess of $10 million. A few years ago they applied for and received public assistance for a medical procedure that one of their children needed, granted it was a costly procedure (around $50K), but it was still appalling.
Some affordable programs do not limit other assets.
Thus an affordable housing person could have several affordable homes on the beach , in the desert, in the mountains...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.