On the heels of Councilor Michael Cadigan proposing the seizure – by any means possible – of a water company, we have Councilor Debbie O’Malley advocating subsidized housing (subscription):
City Councilor Debbie O’Malley says Albuquerque must improve its supply of affordable housing and should do so by setting aside 8 percent of its public works program.
“It’s going to be a huge challenge, but I think it’s very important,” said O’Malley, a former leader of the Sawmill Community Land Trust, which developed housing for people with low and moderate incomes.
Generally, programs that promote affordability want families to use no more than 30 percent to 33 percent of their monthly income for housing. In Albuquerque, 17,000 low-income households spend more than half of their money on housing, according to city estimates.
Um, Councilor O’Malley here is an idea. Revoke the impact fees and watch homes prices drop by $10,000.