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16 <br /> 1 Slide #27 <br /> HOUSING IN ORANGE COUNTY <br /> New Housing is Unaffordable to Most Residents, <br /> But Can Allow "Filtering" of Older Units <br /> Estimated share of Orange County households that could afford a median home,by year <br /> housing unit constructed <br /> Less than a third of <br /> 50% Orange County <br /> 40% households can afford <br /> 30% the cost of a recently <br /> 20% constructed home <br /> 10% ($638,000). <br /> 0% <br /> wetti�pw�pc qti q �, qqq qq ot oa t�e t <br /> 10p e p 0 p oe op oy co <br /> e totip to <br /> q3 <br /> ti <br /> Year housing unit built <br /> u R 9 A N I N 5 T I T U T 5 - Source:US Census ACS 2020-24.Assumes mortgage rate of 5.8%;20%downpayment;0 other debts. <br /> 2 <br /> 3 Yonah Freemark said building more housing can lead to a filtering effect, where older <br /> 4 homes become less competitive for people to afford. <br /> 5 Chair Hamilton said she's read other research that filtering doesn't work in certain <br /> 6 locations because older homes do not become less expensive. She said it's important to her to <br /> 7 understand that so the Board focuses on areas where they can make changes. <br /> 8 Yonah Freemark said one thing that stands out to him on slide #27 is the higher costs for <br /> 9 homes built before 1939, because people see a lot of value in those types of homes. <br /> 10 Chair Hamilton said lot size can also affect the value and interest in the home. <br /> 11 Commissioner McKee said the cost of lots have gone up considerably in the last 50 years. <br /> 12 Commissioner Greene said a study she shared to the Board from the Texas Low Income <br /> 13 Housing Information says that housing requires subsidies. She said that there is discussion on <br /> 14 filtering that casts some doubt on it. She wanted to talk about filtering with respect to rental <br /> 15 properties. She said that they talk about naturally occurring affordable housing, but that refers <br /> 16 to housing that has fallen into disrepair. She said trickle-up housing can make a difference, where <br /> 17 you build subsidized housing and then people can live in that instead of low market rate housing, <br /> 18 freeing up units. <br /> 19 <br /> 20 <br />