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Teacher housing plan gains momentum as Palo Alto City Council voices support

Original post made on Feb 17, 2021

A proposal to build 110 apartments for teachers and school district staff near California Avenue gained momentum last week. Some apartments may be offered to educators in Mountain View, Los Altos and Menlo Park.

Read the full story here Web Link posted Wednesday, February 17, 2021, 9:58 AM

Comments (3)

Posted by Mark
a resident of Shoreline West
on Feb 17, 2021 at 5:27 pm

Mark is a registered user.

Could the writer of this story please update with more info, like, will the teachers be living in those units for free? or will they be paying a reduced rate for the unit? and if it is a reduced rate, are there some preliminary figures as to what they would charge for each units?

I am mainly interested to know if these units will truly be affordable to the teachers.

Posted by Dan Waylonis
a resident of Jackson Park
on Feb 18, 2021 at 11:27 am

Dan Waylonis is a registered user.

Or better yet, since they're all remote these days, why provide subsidized housing for them? Maybe the city shouldn't be in the business of meddling with the housing market.

Posted by Steven Nelson
a resident of Cuesta Park
on Feb 18, 2021 at 8:22 pm

Steven Nelson is a registered user.

These types of Goverment Land but non-profit built and financed public teacher housing are able to 'pay the mortage' and maintenance by charging rents. The subsidy comes from the Lack of Cost for the land. In similar areas of Mountain View the land is $5M - to as high as $10M per AC. Even if the $34 M in other funds are zero interest loans (principal alone is payed back), that is still a substantial savings over the time-to-finance.

The closest such public land/teacher rent financed project is in Santa Clara with the Santa Clara Unifed District (on Santa Clara City contributed land)

Web Link

Web Link

[that fiscal situation appears IMO a mess because the Mayor of Santa Clara owns a company directly involved in the property management]. track down SanJoseSpotlight for July 8, 2020

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