Housing Needs of the Missing Middle in California
Aaron Marzwell has been a real estate developer for more than 10 years. He obtained his bachelor’s degree in political science from the University of California and attended Columbia University to earn his master’s degree in real estate development. Aaron Marzwell serves as CEO of APPA Real Estate in Los Angeles, California, focusing on offering housing at affordable rates.
According to CSDCA.org, low housing availability has been a perpetual issue in California. For this reason, marginalized residents and low-income households need supplemental funds to reduce the burden of housing costs on their wellbeing.
Low-income housing tax credit and private tax-exempt activity bonds have supported households that earn less than 60 percent of the area median income. However, according to historical data, it appears that some residents who are exempted from these benefits due to comparatively-higher income also need assistance. The umbrella term “missing middle” applies to this population segment.
Missing middle class has access to little-to-no federal and state subsidies. Most missing medium households are managed by people who need to stay close to their place of work. Workforce housing is a felicitous option for these people. Workforce housing is typically available at affordable rates to people who earn between 60 and 120 percent of the area’s median income.