In his State of the City address last week, San Diego Mayor Kevin Faulconer shared that the housing shortage in the region has not gone unnoticed. Among other initiatives, he called on the city council to green-light a proposal that could see increased home construction and lower costs.
"One the biggest issues affecting us in California is the state's housing shortage and the unaffordable housing market it has spawned," Faulconer said. "More than 70 percent of San Diegans cannot currently afford a median-priced home. We have to change that."
While the speech did not specify details, it was noted that the current issue pertains to rising rent prices as well. San Diego regularly ranks among the most expensive place to rent a home in the nation. The cost of a one-bedroom apartment rose by 1.98 percent last year.
Faulconer added, "People who love San Diego and want to live in San Diego should not be priced out of San Diego. We need to build more housing."
Meanwhile, conforming no-point 30-year fixed rates are averaging 4.125 percent while the 15-year rates are near 3.375 percent.
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