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Ownership challenges in Hayward
Home ownership has been a cornerstone of the American dream for decades, but high mortgages, rising HOA fees, utilities, and low incomes are hobbling people’s ability to own a home and maintain long-term ownership in Bay Area cities like Hayward, known as the ‘Heart of the Bay.’
At a briefing on October 14, American Community Media hosted housing advocacy groups, local government representatives, and experts to discuss the challenges that small property owners face when trying to secure and hold on to their properties.
Priced out
Hayward resident California Sen. Aisha Wahab noted that the demand for housing outstrips supply: “In 2023, we developed a little over 100,000 units in California. The need is close to 2.5 million units,” she said. This gap puts Bay Area residents who want to buy homes at an acute disadvantage, especially as the cost of living is significantly higher in the region.
Property owners face different levels of struggle. Corporate landlords and larger leasing companies command enough bargaining power in the market to price out smaller “mom-and-pop” businesses that own fewer than four properties. Buried by rising home ownership costs, they struggle to match lower rents set by corporate landlords and are forced to give up their properties…