Present here.

Here.

Great.

We need to review the work plan.

A couple of items will be postponed till June 16th.

We need a motion to do so.

I see no one in the audience to make public comment, and I'm assuming that's the case.

I see some staff people over here, but no one here.

So does anyone care to make a motion to move?

Move these items.

Great.

Thank you.

Let's vote on the work plan.

Great.

Thank you.

We have no consent calendar.

The first report is a housing balance status report.

And I know that Eric Sullivan has both of our reports.

So take it away.

Okay, great.

Thank you.

Thank you, Councilmember.

Is the housing balance report.

So as part of the housing element, we looked at where within the context of the entire housing portfolio, where does it fit our work around multifamily rental housing specifically?

And then as I'll talk through at the end here some of the challenges we have and how we're going to be addressing them and getting to broader data to ensure that our housing balance report in fact covers the entire housing portfolio and housing stock within the city.

And so I'll go through a couple of quick slides here, then we can open up into presentation as following this is a conversation regarding our middle income strategy as well.

So first and foremost here.

Oh, that's the second presentation.

Can we go back to the first one?

Okay.

So in this presentation here, we will cover first what is the context of this report.

So it's an analysis of our existing multifamily rental housing stock, looking at both our subsidized uh rent subsidized units, which are units that have uh vouchers on it typically in order to subsidize the cost of the rent.

Two are income restricted units, which are units that have a cap on the incomes that are eligible to join the unit.

So think of it as our low-income housing tax credit units, and then three are market rate units, because as you'll see further on down the slide, to look at the impact of our multifamily rental housing stock, we have to look at all three sides of this to get a comprehensive picture as to the balance of the entire housing stock.

And then we looked at sort of location unit types and affordability levels, and we'll go through some analysis of that as well throughout this presentation.

And then looking forward, what are some of some particular strategies that we're gonna look to identify in order to improve the entire data outlook we can have in understanding the challenges in this market?

Yeah.

So first kind of place set as you've seen this uh slide many times before.

We're looking at our housing stock within the green arrows.

So those where we look at preservation of some of our units at affordability and then looking at the entire affordability scale from PSH units through to home ownership, as within the multifamily rental space.

We also looked at some components of homeownership as we attempted to include some of that data, but realizing going through the data analysis, we don't have a sufficient data set on the homeownership side.

So it's one of the challenges that we'll look to fill in in terms of a data gap.

But this is the segments of the housing criteria that we are looking at as for the purposes of this report.

So here's a quick snapshot as to where the rental segment types are.

So first, as you'll see, about 37% are just shy of 40% is our market rate multifamily units, then our rent stabilized units or those units subject to the apartment rent ordinance, which the housing department manages about 40% of that overall housing stock.

Then the income restricted units, which are units typically tied to low-income housing tax credits that we've produced over the last two decades or more is about 23% of that overall housing stock.

And so you can see the bifurcations of how this housing stock is set up.

And then within the global housing stock, right?

So when we look at the totality of the 340,000 or so units within the city of both single family, multifamily restricted, affordable homeownership, overall, the multifamily segment represents about 17%, almost 18% of that total amount of housing units within the city.

So then here's a quick breakdown based on council district, noting our three primary blocks market rate units, uh apartment rent ordinance, therefore uh restricted units, and then our restricted affordable units.

You can see that across the 10 different council districts, there is very broad diversity as to where this housing stock exists and how, as we think through the implementation of our various policies or siding policy, our anti-displacement policy, our uh execution of our rent stabilization uh strategy for the preservation of units, we have to look at each of the districts in sort of different lights and different priorities as we think about how best to maintain and bring further balance across our entire housing stock portfolio, and then specifically for this presentation are multifamily rental housing stock.

So this is another breakdown of looking at that affordable housing stock from a different snapshot based on restricted and affordable stock, and where does that restricted affordable stock exist, and what is the current sort of pipeline of units that we foresee kind of moving forward, breaking that down again within the confines of the different council districts to provide the snapshot as to how to think about where our affordabilities are and where we need more affordability, where is that range of affordability across the housing stock, and then three, and looking at the diversity of needs across the different council districts, you know, where's their opportunities to expand both overall housing stock and affordable housing stock.

And so some key takeaways here as part of this report that you receive.

One is uh rent stabilized and income restricted units comprise, you know, big percentage of this multifamily housing stocks.

We saw on that second slide.

So as we think about income restricted units and the necessity to preserve that affordability, that continues to be a clear call from this analysis.

Two, as we look at more production, you know, 2024 having zero uh market rate multifamily productions.

Uh one, we need more in general housing stock to meet our Reno goals, but two, that also has a ripple effect.

And that ripple effect is that when we have a lack of production at one end of the continuum, it has an impact on other ends of the continuum.

Because those higher income families who can't move into other units who can't move into home ownership units, roll into Class B or Class C properties because we have less supply available, therefore driving up the rents for all families across the board.