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- Common Sense
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$250K Per Year Salary Could Qualify For Subsidized Housing Under New
$250K Per Year Salary Could Qualify For Subsidized Housing Under New Palo Alto Plan
Read the full story here:
PALO ALTO (CBS SF) — Palo Alto is seeking housing solutions for residents who are not among the region’s super-rich, but who also earn more than the threshhold to qualify for affordable housing programs.
The city council has unanimously passed a housing plan that would essentially subsidize new housing for what qualifies as middle-class nowadays, families making from $150,000 to $250,000 a year.The plan 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.
“We have people struggling to make it at a quarter-million dollars a year,” Bean said. “That’s a terrible thing,”
“We hold these truths to be self-evident,” former vice president Biden said during a campaign event in Texas on Monday. "All men and women created by — you know, you know, the thing.”
- tennyson
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Re: $250K Per Year Salary Could Qualify For Subsidized Housing Under New
The thing that is a "shocker" to us in this area of the country is that a 150K to 250K is middle class. Yet, as of 2012 Palo Alto had the 3rd highest median family income at about $168,000. People there are "poor" in the sense that all their money gets plowed into housing which is sky high. IF you ever worked in a very large corporation that had transfers of people in from the Calif area, they wind up buying much larger homes here than the similar jobs would nornally have because they had such an expensive home in their Calif area and if they trade down they sustain a large capital gain which is taxable.
Here is the 2012 article about the median family income in Palo Alto.
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
- flowergirl
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Re: $250K Per Year Salary Could Qualify For Subsidized Housing Under New
No problem with the wealthy getting subsidized housing as long as the rents match their very high incomes. But--who is going to pay for building housing for the rich? Taxpayers?
- Max Power
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Re: $250K Per Year Salary Could Qualify For Subsidized Housing Under New
tennyson wrote:
The thing that is a "shocker" to us in this area of the country is that a 150K to 250K is middle class. Yet, as of 2012 Palo Alto had the 3rd highest median family income at about $168,000. People there are "poor" in the sense that all their money gets plowed into housing which is sky high. IF you ever worked in a very large corporation that had transfers of people in from the Calif area, they wind up buying much larger homes here than the similar jobs would nornally have because they had such an expensive home in their Calif area and if they trade down they sustain a large capital gain which is taxable.
Here is the 2012 article about the median family income in Palo Alto.
Exactly - here's another good article, showing the income you'd need to purchase a median-priced home in many different cities in California, assuming no more than 30 percent of your income would go towards a mortgage (generally considered the 'safe' threshold):
In Palo Alto, to reasonably purchase a median-priced home, you'd need to make $442,000 a year 
- tennyson
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Re: $250K Per Year Salary Could Qualify For Subsidized Housing Under New
The thing that is a "shocker" to us in this area of the country is that a 150K to 250K is middle class. Yet, as of 2012 Palo Alto had the 3rd highest median family income at about $168,000. People there are "poor" in the sense that all their money gets plowed into housing which is sky high. IF you ever worked in a very large corporation that had transfers of people in from the Calif area, they wind up buying much larger homes here than the similar jobs would nornally have because they had such an expensive home in their Calif area and if they trade down they sustain a large capital gain which is taxable.
Here is the 2012 article about the median family income in Palo Alto.Exactly - here's another good article, showing the income you'd need to purchase a median-priced home in many different cities in California, assuming no more than 30 percent of your income would go towards a mortgage (generally considered the 'safe' threshold):
In Palo Alto, to reasonably purchase a median-priced home, you'd need to make $442,000 a year
BINGO !
"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
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