What we do
Declining Housing Affordability
As of the third quarter of 2023, only 15% of California households could afford to purchase a median-priced home in the state, a significant decrease from previous years. This drop in affordability was attributed to soaring interest rates, reaching a two-decade high, and escalating home prices. The median home price in California was $843,600, requiring a minimum annual income of $221,200 for purchase. This scenario placed homeownership far out of reach for many, contributing to the escalating crisis of homelessness and housing instability in Los Angeles.
Rising Homelessness
Concurrent with the declining affordability, Los Angeles County experienced a 9% increase in homelessness, with an estimated 75,518 people experiencing homelessness on any given night. This rise was part of a broader trend observed across major U.S. cities and other Southern California counties. The increasing number of unsheltered individuals highlighted the deepening crisis in the region.
Foreclosure
The foreclosure crisis in Los Angeles County demands urgent attention, with the 43rd congressional district emerging as a focal point, representing 17% of the county’s total filings. A concerning 4% increase in foreclosures from 2022 to 2023 exacerbates the situation. Notably, neighborhoods like 90047 and 90043 have been hit hard, experiencing foreclosure rates of 8.5% and just over 8%, respectively.
These statistics underscore a critical and widespread issue affecting countless homeowners. The total of 7411 filings in 2023 serves as a stark reminder of the financial distress faced by many residents. Beyond the numbers, this crisis calls for immediate action.
In recognition of the gravity of the situation, we are actively partnering with community leaders. Their insights and collaborative efforts play a pivotal role in understanding the unique challenges each neighborhood faces. Together, we aim to implement comprehensive foreclosure prevention programs, bolster financial literacy education, and provide targeted support services.
The urgency lies not only in the increasing numbers but also in the human impact on individuals and communities. As we witness families at risk of losing their homes, it becomes imperative to not only acknowledge the challenges but also propose tangible solutions. This includes considering policies that promote economic stability and mitigate the factors contributing to the rise in foreclosures.
By partnering with community leaders and working collaboratively, we can make strides toward preserving homes and stabilizing our communities in the face of this growing crisis.
Limited Accessibility to Affordable Housing
Despite efforts to increase housing accessibility, the gap between the availability of affordable housing and the need for it continued to widen. The city and county were on track to create approximately 8,200 affordable homes, yet this was insufficient to meet the burgeoning demand. The situation underscored the urgency for more comprehensive and effective solutions to address the housing needs of the population.
Economic and Systemic Challenges
The housing crisis in Los Angeles was exacerbated by broader economic and systemic issues. Unaffordable rents were identified as a leading cause of homelessness, with many residents receiving minimal notice before losing their homes. The end of COVID-19 safety net protections further aggravated the situation, leaving more individuals vulnerable to housing instability.
Need for Sustained Efforts
Despite various initiatives and programs aimed at addressing homelessness and improving housing affordability, the persistent rise in homelessness indicated the need for more sustained and coordinated efforts. This involved not only increasing the number of affordable housing units but also addressing the root causes of homelessness, including economic disparities and systemic barriers to housing access