While lack of affordable housing is an ongoing issue in markets across the country, the need for this asset type is especially pronounced in the Bay Area of Northern California.
In fact, the lack of affordable housing in this market is so great that the state is putting pressure on San Francisco and nearby cities to ramp up construction on these properties, backed by a proposed 2024 bond and additional funding that could potentially produce up to $50 billion for affordable housing development. Legislative measures to increase affordable housing supply in the market are also being proposed. In addition, organizations like Volunteers of America, a 125-year-old national non-profit that provides affordable housing to homeless veterans, families with children, individuals coping with mental illness and disabilities, and vulnerable seniors, are stepping up efforts to deliver much-needed housing and social services to those in need in the San Francisco market.
The rising call for affordable housing in the Bay Area is driving Meta Housing to partner with other developers and organizations to meet the increased demand, according to Kasey Burke, President of Meta Housing.
“Elevated inflation, combined with an especially high cost of living in this part of the state, makes the Bay Area particularly vulnerable to housing unaffordability,” says Burke. “While our firm has been a supplier of affordable housing in this region for years, we understand the increasing need to work with like-minded development partners to deliver quality, budget-friendly homes here for low-income families and individuals.”
Examples of Meta Housing’s partnership activity in the Bay Area market include the firm’s recent groundbreaking of Blue Oak Square, a 181-unit, seven-story affordable housing community in Concord, and grand opening of Mosaic on Mission, a 140-unit community in Hayward—both of which Meta Housing completed with the help of experienced development, finance, and service partners.
“We are grateful for the strong relationships we hold with numerous companies and organizations who recognize the value of providing high-quality attractive and affordable apartment communities in the Bay Area,” notes Burke. “Our firm looks forward to partnering with these tremendously accomplished entities on future projects that deliver desperately needed homes for people in this market.”