San Diego housing crisis takes center stage at mayoral contest

San Diego housing crisis takes center stage at mayoral contest

San Diego housing crisis takes center stage at mayoral contest
With more than half a dozen candidates vying to become San Diego’s next mayor, positions on the issues certainly vary significantly. But all of the contenders appear to agree on one issue: San Diego is in the midst of a housing crisis. How to address this crisis is where they differ.

Democratic candidate Barbara Bry discussed the increase of short-term vacation rentals perpetuating the housing shortage. Jarvis Gandy, an Independent wants to address the homeless population by turning to nonprofit agencies to subsidize rent. And Republican candidates Rich Riel is committed to focusing his attention on driving down the cost of land which should prompt an increase in home construction.

The election is still several months away but legislators in California are not waiting to address the issue. Last week a high-profile housing bill that was designed to prompt the building of low-income apartments in the State was debated in Sacramento.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.