COMING BACK WITH CORONAVIRUS, PRESSURES ON THE HOUSING MARKET WILL BE AT AN ALL-TIME HIGH. WHAT CAN BE DONE?

In the last few weeks, California Governor Gavin Newsom and San Francisco and Los Angeles Mayors London Breed and Eric Garcetti have been praised for their swift and decisive action instituting stringent shelter-in-place measures that likely saved lives.

However, these shelter-in-place orders also slowed (and in some cases stopped) local economies, hindering the government’s ability to support affordable housing production.

The city of San Francisco expects a budget deficit of up to $1.7B, while Gov. Newsom has said the coronavirus will likely slow state spending. Additionally, debt markets are likely going to sit out the next few months, waiting to see how the pandemic shakes out in the market-rate multifamily sector before wading into the affordable housing market.

The Greater Bay Area’s housing market, which was already stressed, is now facing new unforeseen challenges, particularly when it comes to the financing and building of sufficient affordable housing.

Join Bisnow and our panel of thought leaders – Larry Florin, Burbank Housing; Sam Moss, Mission Housing Development Corporation; Cynthia Parker, BRIDGE Housing – for an exchange of ideas, exploring ways in which coronavirus has increased the necessity for affordable housing and how developers and capital sources plan to come together, with help from the public sector, to increase the accessibility of financing and ease with which projects get completed.