Affordable housing

Editor,

With regard to affordable housing (“City seeks solutions to housing” in the March 15 Daily Journal), I applaud efforts to help promote home ownership. A lifelong renter could have paid off two mortgages, instead they earn no equity. Here are a few ways to facilitate home ownership: 1). Extend the length of the loan to 40 or 50 years. Car loans have grown in length as the price climbed, why not homes. The smaller monthly payment would allow more to afford one. 2). Trade the “non-recourse” feature for a lower down payment. Lenders want buyers to have more skin in the game because of this escape clause. 3). Encourage developers to produce “starter homes,” with cheap amenities to keep the price down. Buyers can make upgrades as they can afford. 4). Discourage home buying by investors. Many homes are being bought as investments and often left vacant. Investors pay cash and outbid local buyers. In San Francisco, 10% of homes are vacant, many owned by foreign investors and large corporations. We need disincentives to thwart this practice. Government subsidies will drive up rents, enrich landlords and drain our coffers. Building low-priced rentals will drive down prices. We need long-term strategies to help people afford housing, preferably as owners, without ruining the character of our neighborhoods. The days of developers and investors running the show, needs to end.