Letter from the Executive Director - Housing Acquisition Fund
Dear Friends and Colleagues of EBALDC,
We are living in extraordinary times.
I cannot remember a time when the pressures on low and moderate income people in the East Bay were in greater contrast with the nation’s prosperity. At the same time, high-income families that once relocated to the suburbs are moving back into the cities, where the present-day cost of living is forcing longtime residents to outlying areas of the Bay Area and beyond.
And, this is just the beginning.
EBALDC is innovating to meet these challenges by developing more affordable housing than ever before. We are currently working on six new construction projects that will result in over 400 new affordable homes. We are also working to purchase and stabilize the rents of existing apartments to ensure long-term affordability for those living in those spaces today. In the last year alone, we acquired 85 apartments in the Webster and Castlemont neighborhoods of Oakland, and we intend to grow this number to 2,000 within the next decade. Read more about our Housing Acquisition Fund in Curbed and The Atlantic’s CityLab.
However, affordable housing alone is not enough to achieve the vision of healthy and vibrant neighborhoods, especially for longtime and low-income residents. If our residents and tenants have a roof over their heads, but do not have living wage jobs, or transportation to said jobs, then we must do more. If our residents and tenants have a roof over their heads, but unsafe streets and limited open space to play in, then we must do more. If our residents and tenants have a roof over their heads, but inappropriate retail options and services, then we must do more. Most importantly, if our residents and tenants have a roof over their heads, but are disconnected from each other, and inactive in the decisions impacting their communities, then we must do more.
We are currently working on our new strategic plan, which will detail how we plan on proceeding through the next few years. Many of you have already contributed to our efforts with your thoughtfulness, your partnership, and your contributions. We are truly excited to share this plan with you, and hope that you’ll continue to join with us in making our community a healthier one.
Thank you for your role in building healthy neighborhoods for all!