There is no debate that Los Angeles is suffering from an affordability crisis, but the term “affordable housing” may be misleading to many residents and voters, according to Steve Fifield. Affordable housing is housing that is allocated for residents earning a small percentage of the median area income, but it doesn't include those making near that median income. In L.A., that may leave out residents making $50,000 to $75,000 per year who are struggling to get by at current rents. We sat down with Steve Fifield, a co-founder at Century West Partners to find out more about the differences between affordable and workforce housing.
GlobeSt.com: Why to you think that the term 'affordable' and the focus on affordable housing is misleading?
Steve Fifield: The term affordable is one of the most misused words. Affordable housing creates housing for a very small section of people. It covers people that earn, for example, between $25,000 to $38,000 per year. There are tons of people making $50,000, $60,000 or $75,000 per year that can't afford to live in L.A. They have to live out in Riverside County and commute in because they don't qualify for affordable housing. Those people need what we call workforce housing.
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Kelsi Maree Borland
