Palo Alto residents who earn up to $250,000 (MINIMUM WAGE?)a year to qualify for Subsized housing

Daily Mail ^ | 3/24/16 | Mia De Graaf

[Lockbox]

People earning $250,000-a-year should qualify for subsidized housing in Palo Alto, according to a new proposal.

City officials have outlined an eight-year affordable housing plan - with 587 units for reserved for the area's uniquely wealthy middle class as real estate prices balloon.

The well-heeled California neighborhood, where a plot of land recently sold for $2.7 million, is home to some of America’s richest entrepreneurs who work a few miles away in Silicon Valley.

With house price averages an eye-watering $3 million, even those earning $250,000-a-year are spending two-thirds of their monthly salary (around $14,000) paying off their mortgage.

It means workers such as teachers, janitors, firefighters, social workers, police officers and more are not paid enough to afford the local rent, driving up congestion as they commute in.

Now the City Of Palo Alto has outlined a proposal to combat the issue - with price guidelines unlike any other in the country.

[Tolerance Sucks Rocks]

Or else Palo Alto could lobby Sacramental to ease up on open space regulations, or get rid of their own, if they have any.

PING!