Source: McKinney Capital & Naturally Affordable Housing
SAN DIEGO, CA - McKinney Capital & Naturally Affordable Housing held a groundbreaking ceremony for its workforce housing apartment building located at 4233 Kansas Street in North Park, San Diego.
North Park is one of San Diego's oldest and most desirable neighborhoods, consisting of medium and lower-density urban development. The neighborhood has gone through gentrification over the last decade and is currently one of San Diego's premier arts and entertainment districts. North Park was recently recognized by Forbes as one of the "Hippest Neighborhoods in America".
Damian McKinney shared, "Our Kansas Street Workforce Housing development aims to help solve the lack of affordable housing for moderate-income working families and young professionals."
The housing affordability gap in San Diego is among the highest in California, with the average household shelling out 35% of their income for housing and 25% of the population spending half of their income on rent. The City of San Diego has been identified as one of the least affordable cities in the United States. Local leaders have described this issue as the single greatest threat to our region's economy. Approximately 70% of moderate-income households cannot afford home ownership, and more than 30% cannot afford rent. To accommodate San Diego's growing population and continued economic development, housing production must meet both present and future demands. The Kansas Street Apartments are being built for San Diego working families earning the median household income.