SAN DIEGO — A report just released by a non-profit think tank says the city's Affordable Homes Bonus Program (AHBP) is helping the city get out of the housing crisis.
The report by Circulate San Diego was released during a news conference Monday morning.
Mayor Todd Gloria tells CBS 8 housing remains the number one concern for residents.
"We didn’t get into the housing crisis overnight, we’re not going to get out of it overnight," said Mayor Gloria.
"What we have to do is celebrate successes like the Affordable Homes Bonus Program, push to make sure other communities do their fair share when it comes to housing production, and then find more ways to incentivize additional housing production so that working and low-income folks can afford to live in the city," he added.
AHBP allows developers to build more homes on a property if they agree to dedicate a portion of it as affordable.
Mayor Gloria called it the "Costco effect," essentially building in bulk, and then offering cheaper prices in rent.
He said a complex under construction at Fairmount Avenue and El Cajon Boulevard is an example. It is 100% affordable housing and its located in a busy area near restaurants as well as public transportation.
Mayor Gloria said we need more buildings like this across the city.
Circulate San Diego agrees. According to its report, AHBP shows positive results.
Click here to read the full report.
WATCH RELATED: Buying a home during a housing bubble? Industry experts weigh in (April 2022)