OCR-L-RSMAFFORD-1 June 28, 2019 857 × 575 Rancho Santa Margarita could lose nearly half its affordable housing supply Villa La Paz apartments in Rancho Santa Margarita has nearly half of the city’s affordable housing units. But those units will be converted into market-rate housing at the end of 2019 (Photo by Jeong Park, Orange County Register/SCNG).