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Building Affordable in California, Hawaii: High Demand, High Hurdles

Chief Real Estate Development Officer Welton Jordan

Key takeaways on these famously challenging markets, from EAH Housing’s Welton Jordan

Multi Housing News
By Anda Rosu

Chief Real Estate Development Officer Welton JordanMay 22, 2023 – The cost of housing in Hawaii is among the highest in the U.S. The state’s shortage of affordable housing has become a major issue in recent years, with the high cost of living, limited available land for construction and only increasing demand only adding to its worsening affordable housing crisis. Similarly, California is also among the most expensive housing markets in the country, with a high concentration of cost-burdened renters.

Over the past 55 years, nonprofit EAH Housing has been serving low-income renters in both markets. In 2023, the developer and manager plans to break ground or deliver apartments across 31 communities in California and Hawaii. Furthermore, over the next five years EAH intends to deliver more units than it did in the past 25. How will that be possible, considering persisting volatility in the financial markets and the high construction costs that make it difficult for affordable housing projects to pencil out?

Multi-Housing News asked Chief Real Estate Development Officer Welton Jordan to talk about EAH Housing’s plans to cater to the ever-growing need for low-income housing in both California and Hawaii, highlighting the differences and similarities in these states’ housing markets.

Read the full article here.