A push for senior co-ops
Studio apartments aren't just for the young.
On Thursday City Council will vote on a resolution –– approved in June by the Planning Commission –– that calls on the city to identify city-owned land for affordable senior co-op housing.
The "limited equity" co-op model would be restricted to those at certain income levels. Limited equity means that residents would buy a share in the co-op. Unlike market-rate housing, only residents would be able to own shares and the shares would not appreciate beyond a certain rate. In other words, it's meant to offer a certain degree of economic security but it is not vulnerable to speculation.
The success of this initiative likely depends on how committed city staff is to actually finding available land. This could very well by a nice symbolic thing that sits on the shelf for a few years.
