California has been experiencing a major housing shortage for quite a few years now, and this problem is even more pronounced for low-income households. In fact, according to the National Low Income Housing Coalition, the state has a shortage of more than 972,000 affordable housing units.
This means that many of the state’s low-income households, which account for 21% of California’s total population, are often left scrambling for dependable housing.
Areas considered to be high-income are particularly experiencing this issue with affordable housing. It’s a major reason why Meyer Orbach and the team at Orbach Affordable Housing Solutions are dedicated to rehabilitating properties in California to provide this underserved portion of the population with high-quality affordable housing units they can proudly call home.
A recent example of this effort is Orbach’s $29.8 million investment to renovate the 40 apartment units at the Playa del Alameda apartment complex in Alameda, California.
Does Alameda Need Affordable Housing?
The median household income in Alameda was $129,917 in 2022, according to the U.S. Census Bureau. Yet, at the same time, 19% of the city’s total population falls into the low-income category.
Residents who fall into this financial spectrum often face challenges finding affordable housing, especially as many developers focus on higher-end projects that appeal to those who can afford higher rents. This is why projects such as Playa Del Alameda are so important for the city and region.
What the Playa Del Alameda Rehabilitation Includes
Orbach and his team wanted to provide low-income individuals and families with a place they were proud to call home. That’s why all 40 units in Playa Del Alameda will be equipped with modern upgrades that bring both attractiveness and comfort.
Improvements are also being made to the property’s signage and landscaping, including tree trimming, plantings, and grading, to make the entire area more pleasing and enjoyable for the residents.
About Orbach Affordable Housing Solutions
Orbach Affordable Housing Solutions, led by Mr. Orbach, owns and manages over 8,000 multifamily units nationwide. They focus on preserving and enhancing affordable housing through significant investments and renovations, providing upgraded, energy-efficient living spaces. Recent projects in Berkeley and Alameda, California, reflect their commitment to supporting low-income tenants by offering quality, affordable housing and improving residents’ quality of life.
About Meyer Orbach
Meyer Orbach is the chairman of Orbach Affordable Housing Solutions and The Orbach Group, a comprehensive real estate organization specializing in Class-A properties and affordable housing. Under his leadership, the company has acquired and managed over 130 buildings in New York City and more than 50 affordable properties nationwide. He is also the co-founder of GO Partners, which owns iconic Manhattan towers like The Copper Buildings and One East River Place.
