Rancho Santa Margarita could lose nearly half its affordable housing supply

Rancho Santa Margarita could lose nearly half its supply of affordable housing at the end of this year.

The owner of Villa La Paz – a 500-unit apartment complex across the street from Santa Margarita Catholic High School – has given notice to its residents that the complex’s 100 units designated for low-income renters will be converted into market-rate housing by December, as allowed under its decades-old agreement with the county.