Each City Has Unique Criteria for Affordability

The Alameda Landing projects have an affordability component.

ALAMEDA, CA—With low unemployment rates, San Francisco, Oakland and San Jose are also the most expensive rental markets. This, coupled with the cost of construction, labor, land and fees gives rise to townhomes selling for $1 million and then some. Indeed, the fact that more than a half million jobs have been added to the region and only 90,000 homes have been included to the mix say a lot about how out of whack the housing ratio is in the Bay Area. Jeff Frankel , division president, TRI Pointe Homes , tells GlobeSt.com in an exclusive : “Although the economy is not white hot, it is strong, and housing is not keeping pace. That translates to 1.5 units per person for a healthy combination. And we’ve pushed for affordability, which is the number one problem for the area in addition to lack of housing in general.” He says each city has its own definition of what constitutes affordability. TRI Pointe Homes included 15% affordable units within the total project at Bay Meadows and its Alameda Landing projects have an affordability component as well. “All projects are affordable, whether officially or in theory, i.e. paying into affordability funds,” Frankel says. Cadence at Alameda Landing presents a collection of single-family detached homes in courtyard-style plans with generous side yards for indoor/outdoor living in a new area of Alameda. The project is surrounded by Bay and skyline views of San Francisco and Oakland. The ferry is nearby, making for an easy commute into the city. Retail includes a 291,000-square-foot shopping center anchored by a new Target, along with nearby restaurants, offices, entertainment venues and open space. Linear at Alameda Landing offers urban loft-style condo/flats in a community that is quickly turning into a pedestrian-friendly urban village. The residences of Linear offer seven condo/flats featuring up to four bedrooms and four baths in approximately 1,043 to 2,433 square feet with attached two-car garages. Some plans offer decks and porches for daily enjoyment of indoor/outdoor living. Symmetry at Alameda Landing offers four spacious townhome designs featuring up to four bedrooms, ranging from approximately 1,763 to 2,303 square feet with balcony, porch or deck offered per plan, along with private two-car garages. Features include gourmet kitchens, spacious great rooms and abundant storage space.