By Kat Talerico : mercurynews – excerpt
Some new moderate-income units offer little discount to market-rate rents. Some question whether we should prioritize building them at all
In April 2023, a new luxury apartment complex on Alameda’s waterfront, Launch, opened to renters, advertising views of the yacht club from its rooftop deck, poolside cabanas and a co-working lounge.
As required by Alameda’s inclusionary zoning law, the developer, Pacific Development, set aside 49 of the 368 units for low- and moderate-income households making between 50% to 120% of the area median income, $51,800 to $124,250 for a single person. The idea was to fill the complex with a variety of tenants, not just the kind of renters who could afford $3,000 a month.
Two years later, the results are mixed: units for the poorest tenants have filled, but all 19 designated for moderate-income renters — the so-called “missing middle” — remain empty, much to the frustration of the developer, Sean Murphy.
“The last thing we want to do as a developer is build housing units that sit vacant,” he said. “That doesn’t solve any social problems.”…(more)