A home for sale in Palo Alto for about $2.5 million.
Today in crazy housing news: The Palo Alto City Council is considering a proposal that would subsidize housing for families making between $150,000 and $250,000 a year.
CBS San Francisco is reporting that the Council is studying the proposal that “would focus on building smaller, downtown units for people who live near transit and don’t own cars, along with mixed-use retail and residential developments.”
While the measure is still a ways from becoming a reality, the very proposal speaks to the issues arising from the Silicon Valley housing crunch. And the fact that the median price for a home in Palo Alto is north of $2 million doesn’t actually make the proposal that outlandish.
This article originally published at http://dc.urbanturf.com/articles/blog/palo_alto_considers_subsidizing_housing_for_those_making_250000_a_year/11028
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