In this episode, Robin and Jaime explore how we got here. They unpack the housing boom and crash of 2008, the rise of mortgage-backed securities, and the role investors played in reshaping the housing market. Along the way, they examine a surprising reality of the pre-crash era: borrowers could often qualify for mortgages with little to no income verification and no down payment at all.

The conversation also challenges a common political talking point—that institutional investors are the primary reason homeownership is out of reach. While investors are certainly part of the story, the deeper issue lies in decades of policy decisions that have widened the gap between wealth and work.

As Robin puts it, opportunities created by wealth are growing exponentially, while opportunities created by work are shrinking. What does that mean for the future of homeownership—and is there still a path forward?

In Part 1 of this two-part series, we examine how we got here. In Part 2, we'll explore emerging models that could help more people build wealth and access homeownership in a changing economy.

Sources & Continued Reading

Mortgage-Backed Securities (MBS)

• Handbook Chapter on Mortgage-Backed Securities (MBS)
• https://www.fhfa.gov/Media/PublicAffairs/Documents/Handbook_chapter_on_MBS_slides_final.pdf

The 2008 Financial Crisis

• Federal Reserve History: The Great Recession and Its Aftermath
• https://www.federalreservehistory.org/essays/great-recession-and-its-aftermath
• History.com: What Caused the 2008 Financial Crisis?
• https://www.history.com/articles/2008-financial-crisis-causes

K-Shaped Economy

• Encyclopædia Britannica: What Is a K-Shaped Economy?
• https://www.britannica.com/money/k-shaped-economy
• Federal Reserve Bank of New York: Explaining the K-Shaped Economy: What's Behind the Divide?
• https://libertystreeteconomics.newyorkfed.org/2026/05/explaining-the-k-shaped-economy-whats-behind-the-divide/

Sources and Further Reading:

American Addiction Centers. “Substance Abuse by City.” American Addiction Centers, 2023, https://americanaddictioncenters.org/blog/substance-abuse-by-city

Addiction Center. “Top 10 States With the Highest Overdose Rates.” AddictionCenter.com, https://www.addictioncenter.com/community/top-10-states-highest-overdose/

California Health Care Foundation / CalMatters. “Federal Homelessness Report Delayed Amid National Housing Crisis.” CalMatters, May 2026, https://calmatters.org/housing/homelessness/2026/05/homelessness-report-delayed/

Centers for Disease Control and Prevention. “Drug Overdose Deaths by State.” CDC National Center for Health Statistics, https://www.cdc.gov/nchs/state-stats/deaths/drug-overdose.html

Culhane, Dennis, et al. “California Statewide Study of People Experiencing Homelessness (CASPEH).” National Library of Medicine / NIH, 2023, https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/

National Alliance to End Homelessness. “State of Homelessness: 2024 Edition.” EndHomelessness.org, https://endhomelessness.org/state-of-homelessness/

National Alliance to End Homelessness. “Employed and Experiencing Homelessness: What the Numbers Show.” EndHomelessness.org, https://endhomelessness.org/blog/employed-and-experiencing-homelessness-what-the-numbers-show/

NBC San Diego. “Nevada Settles ‘Homeless Dumping’ Lawsuit.” NBC San Diego, https://www.nbcsandiego.com/news/local/nevada-settles-homeless-dumping-lawsuit/62120/

Pew Charitable Trusts. “How Housing Costs Drive Levels of Homelessness.” Pew Research & Analysis, Aug. 22, 2023, https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness

Los Angeles Times. “West Virginia vs. Los Angeles: Addiction and Homelessness.” Los Angeles Times, Oct. 5, 2023, https://www.latimes.com/homeless-housing/story/2023-10-05/drug-addiction-homelessness-opioids-west-virginia-vs-los-angeles

Los Angeles Times. “Police Moved Homeless People Out of Downtown San Diego.” Los Angeles Times Archives, May 10, 1990, https://www.latimes.com/archives/la-xpm-1990-05-10-me-1536-story.html

Kaiser Family Foundation. “Five Key Facts About People Experiencing Homelessness.” KFF, https://www.kff.org/medicaid/five-key-facts-about-people-experiencing-homelessness/

United States Interagency Council on Homelessness. “Data & Trends.” USICH.gov, https://usich.gov/guidance-reports-data/data-trends

U.S. Department of Veterans Affairs. “How We Can End Veteran Homelessness.” VA.gov, https://department.va.gov/homeless/how-we-can-end-veteran-homelessness/

From deregulation and transit-oriented development to tenant protections and first-time homeownership, the candidates offer very different solutions to the same crisis. We unpack the policies, discuss what feels realistic, and share our thoughts on what the candidates gets right — and wrong — when it comes to housing.

Works Cited

CalMatters. “California’s Top Governor Candidates Are Finally Talking About Housing.” CalMatters, May 2026.

https://calmatters.org/politics/2026/05/california-governor-housing-2026-yimby/

CalMatters. “Where California Governor Candidates Stand on Homelessness.” CalMatters, May 2026.

https://calmatters.org/politics/2026/05/ca-governor-candidates-homelessness/

CalMatters. “HUD PIT Count 2024.” CalMatters, January 2025.

https://calmatters.org/housing/homelessness/2025/01/hud-pit-count-2024/

Los Angeles Times. “2026 California Governor Candidate Housing & Homelessness Guide.” Los Angeles Times, May 2026.

https://www.latimes.com/california/story/2026-05-01/2026-california-election-governor-candidates-housing-homelessness-voter-guide

Politico. “Buckshot or Moonshot? Democratic Candidates to Replace Newsom Offer Grand Plans for More Housing.” Politico, May 2026.

https://www.politico.com/news/2026/05/07/buckshot-or-moonshot-dem-candidates-to-replace-newsom-offer-grand-plans-for-more-housing-00909349

RAND Corporation. Building Affordable Housing in California Faster and More Efficiently. RAND, 2025.

https://www.rand.org/pubs/research_reports/RRA3743-1.html

Regional Task Force on Homelessness. “New RTFH Data Shows That in November the Number of People Who Moved Off the Streets and Into Housing Outpaced the Number of People Who Fell Into Homelessness.” RTFHSD.org.

https://www.rtfhsd.org/new-rtfh-data-shows-that-in-november-the-number-of-people-who-moved-off-the-streets-and-into-housing-outpaced-the-number-of-people-who-fell-into-homelessness/

Candidate Websites

Xavier Becerra

https://www.xbvolunteer.com/

Steve Hilton

https://stevehiltonforgovernor.com/

Chad Bianco

https://www.biancoforgovernor.com/

Matt Mahan

https://www.mahanforcalifornia.com/

Katie Porter

https://katieporter.com/

Tom Steyer

https://www.tomsteyer.com/

In this episode of Defining Affordable, Jaime and Robin explore why the cost of housing is the single strongest predictor of homelessness — and how policy decisions helped create today’s crisis.

Through the history of housing policy in the United States — from the New Deal and deinstitutionalization to the loss of SRO housing and major federal funding cuts — they unpack how rising rents and the shortage of deeply affordable homes create the homelessness crisis we see today.

The conversation covers:

• Why rent prices are the strongest predictor of homelessness
• The loss of low-cost housing options
• How policy decisions shaped today’s crisis
• What “Housing First” means and why it works

This episode connects the dots between housing affordability, public policy, and homelessness.

Sources and Further Reading:

Colburn, Gregg, and Clayton Page Aldern. Homelessness Is a Housing Problem: How Structural Factors Explain U.S. Patterns. University of California Press, 2022.

Burt, Martha R. “Helping America’s Homeless: Emergency Shelter or Affordable Housing?” Institute for Research on Poverty, University of Wisconsin–Madison, https://www.irp.wisc.edu/publications/focus/pdfs/foc52b.pdf.

“Brief History of Homelessness in the U.S.” Johns Hopkins Bloomberg School of Public Health Magazine, Johns Hopkins Bloomberg School of Public Health, 2026, https://magazine.publichealth.jhu.edu/2026/brief-history-homelessness-us.

“Federal Housing Cuts Left Millions Without Homes.” WRAP, 28 July 2023, https://wraphome.org/2023/07/28/federal-housing-cuts-left-millions-without-homes/.

Hartman, Chester, and David Robinson. “Reagan’s Legacy: Homelessness in America.” Shelterforce, 1 May 2004, https://shelterforce.org/2004/05/01/reagans-legacy-homelessness-in-america/.

“How Housing Costs Drive Levels of Homelessness.” The Pew Charitable Trusts, 22 Aug. 2023, https://www.pew.org/en/research-and-analysis/articles/2023/08/22/how-housing-costs-drive-levels-of-homelessness.

“How States and Cities Decimated America’s Lowest-Cost Housing Option.” The Pew Charitable Trusts, July 2025, https://www.pew.org/en/research-and-analysis/issue-briefs/2025/07/how-states-and-cities-decimated-americans-lowest-cost-housing-option.

“Homelessness in America.” Places Journal, https://placesjournal.org/article/tent-city-america/.

“State of Homelessness: 2025 Edition.” National Alliance to End Homelessness, https://endhomelessness.org/state-of-homelessness/.

Tsai, Jack, et al. “Housing and Homelessness in the United States.” National Library of Medicine, 2023, https://pmc.ncbi.nlm.nih.gov/articles/PMC10574586/. Accessed 12 May 2026.

Using simple analogies, they break down how tax credits incentivize investors, why developers need them to make affordable housing projects financially viable, and how AMI, or Area Median Income, determines who qualifies. They also explore a key tension: housing can be “affordable” as a program category, but still not be affordable for the person living there.

Participation

Calculate your housing cost burden using HUD’s definition of affordability:

Housing Cost ÷ Gross Monthly Income × 100

• 30% or under = Affordable
• 31%–50% = Rent burdened
• Over 50% = Severely rent burdened

Sources

Look up your city's AMI limits :

• https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn

Affordable Housing Basics

• https://ebho.org/study-room/what-is-affordable-housing/

How LIHTC Works

• https://www.urban.org/sites/default/files/publication/98758/lithc_how_it_works_and_who_it_serves_final_2.pdf
• https://www.adventuresincre.com/inside-an-lihtc-investment/
• https://www.huduser.gov/portal/datasets/il/il2025/select_geography.odn

Housing Affordability Research

• https://nlihc.org/gap – The Gap: A Shortage of Affordable Homes (NLIHC)

San Diego Salary Data Referenced

• Public School Teacher Salary: https://www.salary.com/research/salary/benchmark/public-school-teacher-salary/san-diego-ca
• Social Work Case Manager Salary: https://www.indeed.com/career/social-work-case-manager/salaries/San-Diego--CA
• Mechanic Salaries: https://www.indeed.com/career/mechanic/salaries/San-Diego--CA
• https://www.cbs8.com/article/news/local/what-jobs-in-san-diego-pay-for-essential-expenses/509-805ff991-a37b-4550-b096-029e1e7f5a4c

Sources and Further Reading:

Housing Policy Overview

• A Brief History of Housing Policy in the U.S.
• https://nurseledcare.phmc.org/advocacy/policy-blog/item/641:a-brief-history-of-housing-policy-in-the-u-s.htm
• Federal Housing Assistance Programs (CRS Report)
• https://www.everycrsreport.com/reports/R41654.html

Urban Renewal & Displacement

• Mapping Inequality: Urban Renewal
• https://dsl.richmond.edu/panorama/renewal/#view=0/0/1&viz=cartogram&text=defining
• Urban Renewal StoryMap
• https://storymaps.arcgis.com/stories/20975b3e5ae244bdb4fccd7ce2f4714a
• Urban Redevelopment and Policy (Journal Article)
• https://journals.sagepub.com/doi/10.1177/107808749703300207
• The Battle of Chicano Park
• https://www.chicano-park.com/cpscbattleof.html

Highways, Infrastructure & Segregation

• Roads to Nowhere: How Infrastructure Built American Inequality
• https://www.theguardian.com/cities/2018/feb/21/roads-nowhere-infrastructure-american-inequalityl
• How the Interstate Highway System Reinforced Segregation
• https://www.history.com/articles/interstate-highway-system-infrastructure-construction-segregation
• 4 Ways U.S. Highways Were Designed to Harm Black Communities
• https://www.cracked.com/article_30222_4-ways-us-highways-were-designed-to-screw-over-black-americans.htm
• A Forgotten History of How the U.S. Government Segregated America
• https://www.npr.org/2017/05/03/526655831/a-forgotten-history-of-how-the-u-s-government-segregated-america
• Segregation by Design
• https://www.segregationbydesign.com/

Public Housing: History, Decline & Debate

• A History of Public Housing (NLIHC)
• https://nlihc.org/resource/public-housing-history
• Why Public Housing Was Set Up to Fail
• https://www.vox.com/policy/390082/public-housing-america-policy-failure-poverty
• The Sabotage of Public Housing
• https://www.homewardboundvillages.org/the-sabotage-of-public-housing-how-policy-choices-created-todays-crisis/
• Public Housing: What Went Wrong?
• https://shelterforce.org/1994/09/01/public-housing-what-went-wrong/
• The Pruitt-Igoe Myth and the Death Knell of Public Housing
• https://nhc.org/the-pruitt-igoe-myth-and-the-death-knell-of-public-housing/

Fair Housing & Policy Shifts

• Fair Housing Act Overview (HUD)
• https://www.hud.gov/helping-americans/fair-housing-act-overview
• What Is the Faircloth Amendment?
• https://nextcity.org/urbanist-news/what-is-the-faircloth-amendment

Housing Outcomes & Research

• Family Options Study (HUD)
• https://www.huduser.gov/portal/sites/default/files/pdf/Family-Options-Study-Full-Report.pdf

Sources & Further Reading

• The Epic of America — James Truslow Adams (1931)
• The Color of Law — Richard Rothstein (2017)
• A History of the American Dream — George W. Bush Presidential Center
• A Brief History of Housing Policy in the U.S. — Nurse-Led Care Collaborative
• Why Are Housing Costs So High in California? — CalMatters
• Homeownership Gaps by Race — Harvard Joint Center for Housing Studies
• The Racial Wealth Gap — NYC Department of Health
• Housing and Health: An Overview of the Literature — Health Affairs
• Structural Racism and Housing Inequities — Public Health Reports
• Life Expectancy in the United States: Working-Class Report — U.S. Senate (2025)

Sources & Further Reading

• California Housing Shortage (SCPR)
• Why Housing Costs Are So High in California (CalMatters)
• Rent Increases Across U.S. Cities (CBS News)
• The Gap: A Shortage of Affordable Homes (National Low Income Housing Coalition)
• Why The California housing market is so expensive in 2024 (CalMatters)

Hosted by Jaime and Robin—affordable housing industry professionals—Defining Affordable takes a clear, practical look at one of today’s most urgent challenges. This podcast goes beyond headlines to unpack the real forces shaping housing, from rent and development to homelessness, zoning, and the policies that determine who has access to opportunity.

Built for people working across the housing ecosystem—development, finance, property management, resident services, homelessness response, and government—this show connects your day-to-day work to the bigger system behind it.

Through each episode, we’ll explore:

How decades of policy decisions shaped today’s housing landscape

Why affordable housing is so difficult to build—and why supply falls short

The historical roots of inequity, including redlining, segregation, and zoning

What’s really driving homelessness in California

Real-world examples of communities and programs making progress

This isn’t just about buildings—it’s about people, stability, and opportunity.

If you’ve ever felt frustrated or stuck working within a system that doesn’t quite add up, you’re not alone—and you’re in the right place.

Follow, subscribe, and join us as we define what “affordable” really means.