During the past 2 ½ years, 28 new workforce housing programs — the so-called “missing middle” of the housing market — have been created, with 21 of them cropping up this year alone. What’s more, most of these income-restricted apartments are in newer buildings with pools and fitness centers, quartz countertops and new appliances — properties that otherwise command some of the market’s highest rents.
…Matt Schwartz, president and CEO of the California Housing Partnership Corp., also questioned whether the program is bailing out troubled properties with high vacancy rates and whether there’s enough incentive to maintain the buildings properly…
…A 2019 study by the California Housing Partnership found residents with median household incomes can’t afford modest two-bedroom rents in six coastal California counties, including San Francisco and Los Angeles, where monthly rents average about $2,800 and $2,000, respectively…