How did we get here? A Housing History Part II

Work Vs. Wealth: Why Homeownership Keeps Moving Out of Reach

For decades, homeownership was one of the primary ways Americans built wealth. Today, even people with good jobs and steady incomes are finding it increasingly difficult to buy a home. In this episode, Robin and Jaime explore how we got here. They unpack the housing boom and crash of 2008, the rise of mortgage-backed securities, and the role investors played in reshaping the housing market. Along the way, they examine a surprising reality of the pre-crash era: borrowers could often qualify for mortgages with little to no income verification and no down payment at all. The conversation also challenges a common political talking point—that institutional investors are the primary reason homeownership is out of reach. While investors are certainly part of the story, the deeper issue lies in decades of policy decisions that have widened the gap between wealth and work. As Robin puts it, opportunities created by wealth are growing exponentially, while opportunities created by work are shrinking. What does that mean for the future of homeownership—and is there still a path forward? In Part 1 of this two-part series, we examine how we got here. In Part 2, we'll explore emerging models that could help more people build wealth and access homeownership in a changing economy. SOURCES & CONTINUED READING MORTGAGE-BACKED SECURITIES (MBS) * Handbook Chapter on Mortgage-Backed Securities (MBS) * https://www.fhfa.gov/Media/PublicAffairs/Documents/Handbook_chapter_on_MBS_slides_final.pdf [https://www.fhfa.gov/Media/PublicAffairs/Documents/Handbook_chapter_on_MBS_slides_final.pdf] THE 2008 FINANCIAL CRISIS * Federal Reserve History: The Great Recession and Its Aftermath * https://www.federalreservehistory.org/essays/great-recession-and-its-aftermath [https://www.federalreservehistory.org/essays/great-recession-and-its-aftermath] * History.com: What Caused the 2008 Financial Crisis? * https://www.history.com/articles/2008-financial-crisis-causes [https://www.history.com/articles/2008-financial-crisis-causes] K-SHAPED ECONOMY * Encyclopædia Britannica: What Is a K-Shaped Economy? * https://www.britannica.com/money/k-shaped-economy [https://www.britannica.com/money/k-shaped-economy] * Federal Reserve Bank of New York: Explaining the K-Shaped Economy: What's Behind the Divide? * https://libertystreeteconomics.newyorkfed.org/2026/05/explaining-the-k-shaped-economy-whats-behind-the-divide/ [https://libertystreeteconomics.newyorkfed.org/2026/05/explaining-the-k-shaped-economy-whats-behind-the-divide/]

Strong Opinions, Weak Facts: Debunking Homelessness Myths

What if everything you thought you knew about homelessness was wrong? Jaime and Robin tackle some of the most common — and most harmful — myths surrounding homelessness, using data and policy history to separate fact from fear-driven narratives. From the misconception that homelessness is caused by “bad choices” or drug use, to the belief that people “just don’t want help,” this conversation digs into the real drivers of housing insecurity: skyrocketing rents, a housing shortage, and decades of eroding social safety nets. Along the way, they unpack why veterans programs have succeeded, why homelessness is rising among seniors and families, and why compassion backed by evidence matters more than ever. If you’ve ever wondered how people end up unhoused — or why the crisis keeps growing — this episode will challenge assumptions and change the way you see homelessness in America. Sources and Further Reading: American Addiction Centers. “Substance Abuse by City.” American Addiction Centers, 2023, https://americanaddictioncenters.org/blog/substance-abuse-by-city [https://americanaddictioncenters.org/blog/substance-abuse-by-city] Addiction Center. “Top 10 States With the Highest Overdose Rates.” AddictionCenter.com, https://www.addictioncenter.com/community/top-10-states-highest-overdose/ [https://www.addictioncenter.com/community/top-10-states-highest-overdose/] California Health Care Foundation / CalMatters. “Federal Homelessness Report Delayed Amid National Housing Crisis.” CalMatters, May 2026, https://calmatters.org/housing/homelessness/2026/05/homelessness-report-delayed/ [https://calmatters.org/housing/homelessness/2026/05/homelessness-report-delayed/] Centers for Disease Control and Prevention. “Drug Overdose Deaths by State.” CDC National Center for Health Statistics, https://www.cdc.gov/nchs/state-stats/deaths/drug-overdose.html [https://www.cdc.gov/nchs/state-stats/deaths/drug-overdose.html] Culhane, Dennis, et al. “California Statewide Study of People Experiencing Homelessness (CASPEH).” National Library of Medicine / NIH, 2023, https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/ [https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/] National Alliance to End Homelessness. “State of Homelessness: 2024 Edition.” EndHomelessness.org, https://endhomelessness.org/state-of-homelessness/ [https://endhomelessness.org/state-of-homelessness/] National Alliance to End Homelessness. “Employed and Experiencing Homelessness: What the Numbers Show.” EndHomelessness.org, https://endhomelessness.org/blog/employed-and-experiencing-homelessness-what-the-numbers-show/ [https://endhomelessness.org/blog/employed-and-experiencing-homelessness-what-the-numbers-show/] NBC San Diego. “Nevada Settles ‘Homeless Dumping’ Lawsuit.” NBC San Diego, https://www.nbcsandiego.com/news/local/nevada-settles-homeless-dumping-lawsuit/62120/ [https://www.nbcsandiego.com/news/local/nevada-settles-homeless-dumping-lawsuit/62120/] Pew Charitable Trusts. “How Housing Costs Drive Levels of Homelessness.” Pew Research & Analysis, Aug. 22, 2023, https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness [https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness] Los Angeles Times. “West Virginia vs. Los Angeles: Addiction and Homelessness.” Los Angeles Times, Oct. 5, 2023, https://www.latimes.com/homeless-housing/story/2023-10-05/drug-addiction-homelessness-opioids-west-virginia-vs-los-angeles [https://www.latimes.com/homeless-housing/story/2023-10-05/drug-addiction-homelessness-opioids-west-virginia-vs-los-angeles] Los Angeles Times. “Police Moved Homeless People Out of Downtown San Diego.” Los Angeles Times Archives, May 10, 1990, https://www.latimes.com/archives/la-xpm-1990-05-10-me-1536-story.html [https://www.latimes.com/archives/la-xpm-1990-05-10-me-1536-story.html] Kaiser Family Foundation. “Five Key Facts About People Experiencing Homelessness.” KFF, https://www.kff.org/medicaid/five-key-facts-about-people-experiencing-homelessness/ [https://www.kff.org/medicaid/five-key-facts-about-people-experiencing-homelessness/] United States Interagency Council on Homelessness. “Data & Trends.” USICH.gov, https://usich.gov/guidance-reports-data/data-trends [https://usich.gov/guidance-reports-data/data-trends] U.S. Department of Veterans Affairs. “How We Can End Veteran Homelessness.” VA.gov, https://department.va.gov/homeless/how-we-can-end-veteran-homelessness/ [https://department.va.gov/homeless/how-we-can-end-veteran-homelessness/]

California Governor Candidates on Housing: What They’re Actually Proposing

California’s housing shortage and affordability problems are front and center in the 2026 governor’s race. In this episode of Defining Affordable, Jaime and Robin break down where the top candidates stand on housing affordability, homelessness, zoning reform, accountability, and development policy. From deregulation and transit-oriented development to tenant protections and first-time homeownership, the candidates offer very different solutions to the same crisis. We unpack the policies, discuss what feels realistic, and share our thoughts on what the candidates gets right — and wrong — when it comes to housing. WORKS CITED CalMatters. “California’s Top Governor Candidates Are Finally Talking About Housing.” CalMatters, May 2026. https://calmatters.org/politics/2026/05/california-governor-housing-2026-yimby/ [https://calmatters.org/politics/2026/05/california-governor-housing-2026-yimby/] CalMatters. “Where California Governor Candidates Stand on Homelessness.” CalMatters, May 2026. https://calmatters.org/politics/2026/05/ca-governor-candidates-homelessness/ [https://calmatters.org/politics/2026/05/ca-governor-candidates-homelessness/] CalMatters. “HUD PIT Count 2024.” CalMatters, January 2025. https://calmatters.org/housing/homelessness/2025/01/hud-pit-count-2024/ [https://calmatters.org/housing/homelessness/2025/01/hud-pit-count-2024/] Los Angeles Times. “2026 California Governor Candidate Housing & Homelessness Guide.” Los Angeles Times, May 2026. https://www.latimes.com/california/story/2026-05-01/2026-california-election-governor-candidates-housing-homelessness-voter-guide [https://www.latimes.com/california/story/2026-05-01/2026-california-election-governor-candidates-housing-homelessness-voter-guide] Politico. “Buckshot or Moonshot? Democratic Candidates to Replace Newsom Offer Grand Plans for More Housing.” Politico, May 2026. https://www.politico.com/news/2026/05/07/buckshot-or-moonshot-dem-candidates-to-replace-newsom-offer-grand-plans-for-more-housing-00909349 [https://www.politico.com/news/2026/05/07/buckshot-or-moonshot-dem-candidates-to-replace-newsom-offer-grand-plans-for-more-housing-00909349] RAND Corporation. Building Affordable Housing in California Faster and More Efficiently. RAND, 2025. https://www.rand.org/pubs/research_reports/RRA3743-1.html [https://www.rand.org/pubs/research_reports/RRA3743-1.html] Regional Task Force on Homelessness. “New RTFH Data Shows That in November the Number of People Who Moved Off the Streets and Into Housing Outpaced the Number of People Who Fell Into Homelessness.” RTFHSD.org. https://www.rtfhsd.org/new-rtfh-data-shows-that-in-november-the-number-of-people-who-moved-off-the-streets-and-into-housing-outpaced-the-number-of-people-who-fell-into-homelessness/ [https://www.rtfhsd.org/new-rtfh-data-shows-that-in-november-the-number-of-people-who-moved-off-the-streets-and-into-housing-outpaced-the-number-of-people-who-fell-into-homelessness/] CANDIDATE WEBSITES Xavier Becerra https://www.xbvolunteer.com/ [https://www.xbvolunteer.com/?utm_source=chatgpt.com] Steve Hilton https://stevehiltonforgovernor.com/ [https://stevehiltonforgovernor.com/?utm_source=chatgpt.com] Chad Bianco https://www.biancoforgovernor.com/ [https://www.biancoforgovernor.com/] Matt Mahan https://www.mahanforcalifornia.com/ [https://www.mahanforcalifornia.com/] Katie Porter https://katieporter.com/ [https://katieporter.com/] Tom Steyer https://www.tomsteyer.com/ [https://www.tomsteyer.com/]

Homelessness Starts With Housing

HOMELESSNESS STARTS WITH HOUSING In this episode of Defining Affordable, Jaime and Robin explore why the cost of housing is the single strongest predictor of homelessness — and how policy decisions helped create today’s crisis. Through the history of housing policy in the United States — from the New Deal and deinstitutionalization to the loss of SRO housing and major federal funding cuts — they unpack how rising rents and the shortage of deeply affordable homes create the homelessness crisis we see today. The conversation covers: * Why rent prices are the strongest predictor of homelessness * The loss of low-cost housing options * How policy decisions shaped today’s crisis * What “Housing First” means and why it works This episode connects the dots between housing affordability, public policy, and homelessness. SOURCES AND FURTHER READING: Colburn, Gregg, and Clayton Page Aldern. Homelessness Is a Housing Problem: How Structural Factors Explain U.S. Patterns. University of California Press, 2022. Burt, Martha R. “Helping America’s Homeless: Emergency Shelter or Affordable Housing?” Institute for Research on Poverty, University of Wisconsin–Madison, https://www.irp.wisc.edu/publications/focus/pdfs/foc52b.pdf [https://www.irp.wisc.edu/publications/focus/pdfs/foc52b.pdf]. “Brief History of Homelessness in the U.S.” Johns Hopkins Bloomberg School of Public Health Magazine, Johns Hopkins Bloomberg School of Public Health, 2026, https://magazine.publichealth.jhu.edu/2026/brief-history-homelessness-us [https://magazine.publichealth.jhu.edu/2026/brief-history-homelessness-us]. “Federal Housing Cuts Left Millions Without Homes.” WRAP, 28 July 2023, https://wraphome.org/2023/07/28/federal-housing-cuts-left-millions-without-homes/ [https://wraphome.org/2023/07/28/federal-housing-cuts-left-millions-without-homes/]. Hartman, Chester, and David Robinson. “Reagan’s Legacy: Homelessness in America.” Shelterforce, 1 May 2004, https://shelterforce.org/2004/05/01/reagans-legacy-homelessness-in-america/ [https://shelterforce.org/2004/05/01/reagans-legacy-homelessness-in-america/]. “How Housing Costs Drive Levels of Homelessness.” The Pew Charitable Trusts, 22 Aug. 2023, https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness [https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness]. “How States and Cities Decimated America’s Lowest-Cost Housing Option.” The Pew Charitable Trusts, July 2025, https://www.pew.org/en/research-and-analysis/issue-briefs/2025/07/how-states-and-cities-decimated-americans-lowest-cost-housing-option [https://www.pew.org/en/research-and-analysis/issue-briefs/2025/07/how-states-and-cities-decimated-americans-lowest-cost-housing-option]. “Homelessness in America.” Places Journal, https://placesjournal.org/article/tent-city-america/ [https://placesjournal.org/article/tent-city-america/]. “State of Homelessness: 2025 Edition.” National Alliance to End Homelessness, https://endhomelessness.org/state-of-homelessness/ [https://endhomelessness.org/state-of-homelessness/]. Tsai, Jack, et al. “Housing and Homelessness in the United States.” National Library of Medicine, 2023, https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/ [https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/]. Accessed 12 May 2026.

LIHTC: The gift card that builds affordable housing

In this episode of Defining Affordable, Jaime and Robin unpack LIHTC—the Low-Income Housing Tax Credit program—and explain why it is the main way affordable housing gets built in the U.S. today. Using simple analogies, they break down how tax credits incentivize investors, why developers need them to make affordable housing projects financially viable, and how AMI, or Area Median Income, determines who qualifies. They also explore a key tension: housing can be “affordable” as a program category, but still not be affordable for the person living there. PARTICIPATION Calculate your housing cost burden using HUD’s definition of affordability: Housing Cost ÷ Gross Monthly Income × 100 * 30% or under = Affordable * 31%–50% = Rent burdened * Over 50% = Severely rent burdened SOURCES Look up your city's AMI limits : * https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn [https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn] Affordable Housing Basics * https://ebho.org/study-room/what-is-affordable-housing/ [https://ebho.org/study-room/what-is-affordable-housing/] How LIHTC Works * https://www.urban.org/sites/default/files/publication/98758/lithc_how_it_works_and_who_it_serves_final_2.pdf [https://www.urban.org/sites/default/files/publication/98758/lithc_how_it_works_and_who_it_serves_final_2.pdf?utm_source=chatgpt.com] * https://www.adventuresincre.com/inside-an-lihtc-investment/ [https://www.adventuresincre.com/inside-an-lihtc-investment/] * https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn [https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn] Housing Affordability Research * https://nlihc.org/gap [https://nlihc.org/gap?utm_source=chatgpt.com] – The Gap: A Shortage of Affordable Homes (NLIHC) San Diego Salary Data Referenced * Public School Teacher Salary: https://www.salary.com/research/salary/benchmark/public-school-teacher-salary/san-diego-ca [https://www.salary.com/research/salary/benchmark/public-school-teacher-salary/san-diego-ca?utm_source=chatgpt.com] * Social Work Case Manager Salary: https://www.indeed.com/career/social-work-case-manager/salaries/San-Diego--CA [https://www.indeed.com/career/social-work-case-manager/salaries/San-Diego--CA] * Mechanic Salaries: https://www.indeed.com/career/mechanic/salaries/San-Diego--CA [https://www.indeed.com/career/mechanic/salaries/San-Diego--CA] * https://www.cbs8.com/article/news/local/what-jobs-in-san-diego-pay-for-essential-expenses/509-805ff991-a37b-4550-b096-029e1e7f5a4c [https://www.cbs8.com/article/news/local/what-jobs-in-san-diego-pay-for-essential-expenses/509-805ff991-a37b-4550-b096-029e1e7f5a4c]