Chan Zuckerberg Initiative
Not everyone in the Bay Area is benefitting from its current economic boom. Historic socioeconomic disparities and increased poverty contribute to a dramatic rise in homelessness. The effects of a feverish housing market, marked by skyrocketing rents and homeownership prices, are exacerbated by the underproduction of affordable housing, barriers to the rich opportunities the Bay Area has to offer, and access to quality transit.
Most vulnerable to these forces are low-income communities and communities of color, that often find themselves displaced from neighborhoods gentrified by higher income earners, and struggling to make ends meet in the face of rising costs of housing, transportation and health care.
These challenges are the direct result of the inability of almost every jurisdiction in the nine-county Bay Area to produce and preserve enough affordable housing and to protect their most vulnerable residents allowing them to stay in neighbors that for generations, they have called home.
Solutions to these complex and interconnected issues will require a multidisciplinary and broad-ranging approach. Thanks to support from the Chan Zuckerberg Initiative, Enterprise will develop and implement a new and resourced regional housing entity, which will focus on advancing housing protection, preservation and production goals across the region.
The new regional housing entity will build housing capacity across the Bay Area with a focus on local implementation; establish, capitalize and manage regional land coordination; develop and deploy new regional funding and finance tools; and implement the CASA Compact (the Bay Area’s roadmap to address the housing crisis).
We are excited to partner with CZI as we embark on this high-impact project to build a bold solution that will bring billions of dollars to Bay Area jurisdictions and address the housing affordability crisis felt by residents across the region.