CA Department of Housing Acting Director Addresses OCBC’s Workforce Housing Committee

On October 1, the Workforce Housing Committee met with Susan Riggs, Acting Director, State Department of Housing and Community Development. Riggs has worked in the housing realm for over 20 years and is committed to addressing the shortage and affordability issues facing both Orange County, which is in need of 62,000 housing units today in order to meet demand, as well as the state Riggs spoke of her concern that due to housing shortages, community stability is at risk as many are forced to move away from family members to areas with more housing opportunities. Also, the natural progression of home ownership is at risk, she said. Traditionally, young people rent an apartment, then move on to purchasing a condo, and eventually a detached home. However, home ownership is often out of reach, which has economic and social implications. In order to meet the demand, there must be a commitment to building more homes; however, Riggs pointed to abuses of the California Environmental Quality Act (CEQA) as a hindrance to housing development. Additionally, Riggs said the state must conceive a sustainable, long lasting funding mechanism for housing. For more information, contact Larry Brose, Vice President, Investor Relations and Business Development.

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