1. Calabasas Housing Needs Karen Warner, AICP Calabasas Housing Affordability Workshop October 1, 2005

2. Major Housing Crisis in Southern California Over 220,000 new housing units needed annually to keep pace with population growth Nearly half of all renters pay over 30% of their income on rent Only 14% of LA County households can afford median priced home

3. Who in Calabasas Needs Affordable Housing? People who work in Calabasas and cannot afford to live here  Teachers, nurses, police officers, retail workers, childcare providers Special needs households  Senior citizens, disabled persons, single-parent households Children of long-time Calabasas residents

4. Rental Affordability Gap Analysis Salary of Entry-Level LVUSD Teacher $38,000 Affordable Housing Cost Ratio x 30% Max Monthly Affordable Housing Cost $950 Current Calabasas Rents (1bdrm) $1,300 Utility Allowance + $75 Actual Monthly Housing Cost $1,375 Affordable Housing Cost - $950 RENTER AFFORDABILITY GAP $425/month

5. Calabasas Workforce Priced Out of Rental Market OccupationAverage Salary Secretary$32,200 Retail Salesperson$25,380 Hairdresser$22,536 Childcare Worker$21,577 Home Health Aide$20,377 Waiter/Waitress$17,151

6. Homeownership Affordability Gap Analysis Salary of L.A. Co. Firefighter $52,596 (midpoint of range, 56 hrs/week) Max Affordable Purchase Price $185,000 Median Price of Condo in Calabasas$525,000 OWNER AFFORDABILITY GAP $340,000

7. Homeownership Out of Reach for Most Working Professionals Median price of condo has risen to $525,000, Single-family home has risen to $1.5 million An income of $130,000 is needed to purchase the median priced condo, and $390,000 is needed to purchase median priced home in Calabasas

8. Affordable Housing Needs of Calabasas Workforce City’s 9,600+ employment base includes numerous lower paying jobs, especially retail and service sectors  1998 Study estimates 40% of recent Calabasas workforce earn low & moderate incomes Large segment of workforce can not afford to rent or purchase a home in Calabasas  1998 Study estimates over half of recent workers commute over 30 miles daily

9. Characteristics of Calabasas Senior Population Growing segment of population  9% > 65 years of age  10% between 55-64 years of age 1/3 of senior households > 75 years of age 29% of senior households live alone ¼ of seniors have some type of disability

10. Do Calabasas Seniors Need Affordable Housing? Approximately ¼ of seniors earn lower incomes (<$40,000) Nearly half of Calabasas Village Mobile Estates occupied by seniors 10% of residents in City’s two apartment complexes are seniors 42 lower income seniors currently receive assistance through City’s Rental Assistance Program

11. Calabasas Housing Obligations - State Housing Element Requirement One of 7 State-mandated General Plan elements Major components include: - Housing needs assessment - Evaluation of constraints - Evaluation of potential residential sites - 5 year program strategy to address needs Sets forth City’s regional housing needs (RHNA) Required to undergo State HCD review City working towards implementing program for development of senior and workforce housing

12. Calabasas Housing Obligations - Affordable Housing Trust Fund  Developer fees collected to address affordable housing needs generated by new development  City’s primary funding source to support production of affordable and mixed income housing  Allocation of Trust Fund resources critical to addressing regional housing needs (RHNA) and maintaining Housing Element compliance

13. Why is Affordable Housing Important In Our Community? Strengthens the sense of community when people who work here also live here  Allows for multiple generations of families to remain in their community

14. Why is Affordable Housing Important in Our Community? Improves quality of life – less commuting, improved air quality  Enhances City’s ability to attract major employers and jobs