You know the economics of your city are a bit distorted when a married couple earning roughly 3x the national median income can’t even afford to put a roof over their head. Oddly enough, that seems to be exactly the case in San Francisco where the Board of Supervisors has just approved a piece of legislation that would allow couples earning up to $138,000 a year to qualify for “affordable housing.” Per SFGate:
A family of at least two people who collectively earn $138,000 or less per year will likely soon qualify for one tier of San Francisco’s affordable housing that would allow them to buy a home unit, following Tuesday’s Board of Supervisors meeting.
Under the city’s previous policy, last updated in 2002, only those who earned 55 percent of the typical San Francisco median household income or less were able to utilize the option to buy affordable housing, per ABC. With the new proposal, families of at least two who are together earning up to 150 percent of San Francisco’s median income can take advantage of that amendment.
Based on the Mayor’s Office of Housing and Community Development median salary outlines, that means any family of at least two earning less than $138,400 qualifies.
This post was published at Zero Hedge on Jul 13, 2017.
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