Elected officials expressed concerns at the conclusion of Monday’s meeting over a growing number of multifamily units that have been placed for sale.
“As I’ve been always looking at properties in our community and area, I’ve noticed that there’s been an influx of multifamily dwelling units for sale right now in the city of Pasadena,” said Councilmember Tyron Hampton.
According to Hampton, typically he notices three to four units on the market, but now there are about 60 for sale a month.
To make matters worse, the units are part of the City’s affordable housing stock. Pasadena, like the rest of the state, is mired in a housing crisis.
Hampton called the increase in sales alarming but said it may be an opportunity for the city to purchase some of the properties.
Mayor Victor Gordo said he had noticed the same and said it should be monitored.
“I don’t know if there’s anything we can do, but people are selling some of the older units that have made up our affordable housing stock,” Gordo said. “There are different arguments as to why. Some say it’s the impact of rent control, whatever the reason may be, these properties are being sold and I’ve noticed the tremendous uptick in the market and likely it will result in us losing some of the natural occurring affordable housing.”
Gordo said he hoped the City could attract investments from some of the housing providers to purchase some of these smaller properties and continue to operate them as affordable housing.
The item could come to the EDTECH Committee at a later date.
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