The California Department of Housing and Community Development announced new income limits for low-income housing programs, stating that individuals earning up to $104,200 in Orange County qualify as 'low income,' an increase from $94,750 the previous year. Megan Junanto, a 23-year-old actuary, expressed surprise at her income level being classified as low income despite feeling financially secure compared to her peers.
The designation of 'low income' does not guarantee access to affordable housing or Section 8 housing payments but allows individuals to rent controlled units set aside by developers benefiting from public assistance. In Orange County, housing costs remain high, with only 16% of households able to afford the median home price of $1,442,930, according to the California Association of Realtors.
Factors contributing to high housing costs include a demand for housing driven by high-paying jobs and favorable weather, as well as various state policies. California's environmental laws, such as the California Environmental Quality Act, can delay housing projects, while affordable housing mandates require developers to allocate a portion of units as affordable, further constraining housing supply. The article suggests that removing these regulations could potentially increase housing availability.