Palo Alto considers subsidized housing for salary up to $250K

[steve2470]

http://www.reuters.com/article/us-california-rent-idUSKCN0WQ0CB

Palo Alto officials are considering providing subsidized housing for people earning up to $250,000, as rent and home prices soar in the Silicon Valley city.

The plan is a among a series of proposals being mulled by the Palo Alto City Council to provide affordable housing to those considered middle class in the area - families making between $150,000 to $250,000 annually.

The median household income in the U.S. in 2014 was about $52,000, according to U.S. Census Bureau statistics.

The proposals include building about 2,000 new units that would be made available for those earning less than $250,000, as well as the construction of tiny apartments known as micro units in the San Francisco Bay area city.

[pipoman]

1. Hey.. I have an idea. ...lets make the most expensive real estate

In the country on the biggest overdue for a major event fault line on the planet...maybe a nice summer home on the Mississippi River flood plain... Fucking morons.

[dixiegrrrrl]

2. The problem with the subsidizing model

is it works by giving the landlord money, and does not encourage realistic prices.
It has been a model for years now.
Same with medical insurance subsidies.......does nothing to encourage insurance companies to stop price gouging.

[Starry Messenger]

3. This is totally emblematic of how insane things are here.

And everyone yelled at me months ago when I said that households making $250k are considered middle class in the Bay Area. There it is, folks.

[edhopper]

4. I get the same shit

when I talk about NY City rents and prices. (And that is NOT just Manhattan)

[AgadorSparticus]

5. WOW. I can't imagine that 250k is middle class.That is just CRAZY!! Nt.