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America Faces Shortfall of 7.2_Million Affordable Rental Homes
By Tristan Navera, 20 hrs ago
Realtor.com News&Insights—March 7,2026
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No state in the union is coming close to building enough affordable housing to shelter all of
those who need it,according to a new report from the National Low Income Housing Coalition,
The NLIHC's annual report on the state of affordable housing found a shortage of 7.2 million
affordable and available rental homes forvery-low-income renters,those 11 million who make
below 30%of the area median income.That translates to just 35 units.per 100 people:
That leaves most of those renters cost-burdened In a way that prevents them from being able
to save for a home. It's also a drag on the larger housing market,said Dan Emmanuel,research
director for the NLIHC.
"The market alone,without subsidy,cannot produce adequate supply that is affordable to the
lowest-income renters;'Emmanuel told Realtor.com6.
And it comes when a shortage of housing at all other income levels is already Impacting people
in other low and median income brackets.
The Realtor.com housing supply gap reportreleased this week,shows the shortage of homes hit
4.03 million.The lagging pace of home construction meant an estimated'1.8 million Gen Z and
millennial households were missing last year.,
Trickle-down effects
Renters who make below 30%of the area median income,the lowest bracket of low-income:
people,fall into a few buckets.About a third are in the labor force in low-wage Jobs,and
another third are seniors.An additional 18%have a disability and about 6%are either students
or caregivers.
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HISTORY OF IRESIDENTIAL AND MIXED-USE]AT OAK PARK PLAZA
2003: A 25,000 sq ft. Medical/Professional Building was entitled and approved, including
Construction Drawings and permit-ready.It was never constructed due to a Doctor group who
elected to break the written contract 80%of the way to completed and approved City permit-
ready plans.The Doctor group became the primary tenants of Pismo Medical campus caddie-
corner to Oak Park and James Way.
2005-6.Rob Strong(AG City Planning and Community Development Director)approached me
2005, offering to sketch a design and layout for a Mixed-Use/Residential layout that he also
offered to guide through the approval process.This was overseen by Putts&Assoc of SLO,and
the 18-unit project was approved in May 2006 of 10-lower mixed-use 3 br/3ba townhouses(with
a ground level professional office space), and 8-2br/2ba condos. It was fully completed with
construction drawings and permit-ready in 2007.Unfortunately,the Great Recession of 2008 was
already evident,and the project thus was never built.This is where the creek setback reduction
started.
2011-17 I approached Theresa McClish(AG Community Development Director)initially in 2011
with the idea of providing a'Senior Care residential facility on the site.She was enthusiastic about
the idea and the layout and entitlement was approved initially in 2017 for a 55,000'sq ft main
building and a 17,000 sq ft accessory building.
201$41:I was approached by a large REIT(Steadfast Companies)from Newport Beach (1,800+
employees)who was purchasing and constructing Senior Care facilities and had done so many
times. We entered a development partnership:: where they would take over all design and
construction costs and we would be 49/51%;partners.The project was redesigned and the plans
by RRM were approved for construction permits in late 2021.In February of 2022 I was informed
that the family involved had decided to sell their REIT,which they did for a reputed$7 Billion.The
rapid rise in interest rates ever since, meant the project would not adequately pencil, and
therefore remains unbuilt.
2023-26:I decided to return to the residential,and met with City Staff in 2023 to see if a multi
family project would:be consistent with prior CUPs and land use. Receiving Staff support, RRM
was engaged to design a multi-family project suitable for the site,since they have been working
with the site and me for 15 years,and they have all the studies,engineering,and exhibits,Along
the way AB-130 became State Law and we applied:for its uses::The 92-unit project received
entitlement approval:January 20,2026.
Disclosure Statement
Re: 860 Oak Park Blvd.
To:Tom Ferro March 21,2008
As part of receiving an offer on the desire to purchase 860 Oak Park Blvd,Arroyo
Grande,'wanted to make you aware of some existing agreements that any owner onsite
would be bound by and participate in:
• 2000-A reciprocal parking and easement agreement was put into place for all
parcels onsite,and is a recorded document
• 2003-A Common Parking agreement was approved by the City and signed by
Shepppel,and Kennedy for the site
• Current-There is a final agreement which is presently in the works,the
culmination of much effort which Sheppel needs to finalize with Kennedy
• Common area issues such as maintenance,landscaping,water for landscaping,
lighting,parking lot issues and maintenance,etc.are proportionately divided in
responsibility to the size of the building envelope as a percentage of total site
development.For example,if one building were 25%of the total,onsite building
within the project,then the owner would financially be responsible for 25%of
common area costs,Onsite parking needs and uses are allocated per City
approvals for each onsite building,and are limited to the existing shared and
improved asphalt areas only.No other parking areas or uses are implied or
provided,
• There is an approved entitlement for the remaining 3 lower parcels which
comprises a residential/mixed use application.There is an approved tentative map
which will become a final map to the project known as Meadow Creek, 1271
James Way,Arroyo Grande
• As terms of purchase,future developments)will be occurring on the lower
undeveloped parcels,and Buyer agrees to not oppose such development(s)hereby
being disclosed,whether it is this particular effort or another in the future.It is
understood that any form of future development will have to conform to City
standards and approvals.
After receiving a written,binding contract,the above-mentioned documents will be made
available.As a condition of accepting an offer,Sheppel needs confirmed receipt of
receiving the above-mentioned agreements and efforts;.
Sincerely,
Russell M. Sheppel
Gesell-Re:Russell M Sheppel DOS,MBA Sheppel Enterprises Ltd Partnership 3/19/26,1032AM
HGrail Russ Sheppel<rshappelegmail.com>
Re: Russell M Sheppel DDS, MBA Sheppel Enterprises Ltd Partnership
I message
Vinnie:Dominick<vdominickepomafitness.corn> 000,1 Thu,Nov 7,2024 at 9:48 AM
To:Russ Sheppel rsheppel(fggrnall.corn>
Cc:Victor Roma Opomaalpomafitness.com>
Hey Russ,
Great talking with you yesterday. We'll be taking action today on the things discussed on our
call. I didn't get to speak to Victor yesterday but will make him aware today of the urgency of the
document getting notarized.
Thanks,
Vinnie Dominick
Curl Fitness
650.391.7132
curl FITNESS'
7Sr
W NiziebtA&
Vinnie 11/6/24;
Last Wednesday's open conversation was much appreciated and as we spoke of,are mutually
interested in keeping the site parking working,and this new door of communication open,
Thanks also for offering to introduce yourself and the AG club manager(Cathy),in person,to
each of the Doctor offices onsite.I know that will be appreciated by them.
Here are the notes from our conversation for your review In case anything may have been
written in my notes unclearly(please let me know,if so).There are certainly,many ways to
address onsite parking and keep things working weill
As you mentioned,the timing of our conversation was ideal,because you are soon writing a
letter to your patrons prior to the scheduled co-operative improvements for the common area
parking.My understanding was that within the next two weeks,you would be implementing;
two things(prior to the new asphalt sealing,striping,and painting:
a) sending a letter to CURL patrons describing the upcoming work and where to park
b) the letter will include a reminder to keep the Doctor-designated 22 spaces free.
c) posting a description/reminder on the front door and check-in desk
The long-term parking solutions and remedies that we discussed are potentially a combination
the following:
1. Placing new signage on the 22 reserved stalls designed(in 2008 agreement).to protect the
Doctor's compromised patient's parking.Patrick is working on this now:
2.Resealing the asphalt in the next few weeks and potentially color-coding the onsite stalls.For
example,using a green painted square on the 100+common area stalls that are-first-come,
which will hopefully provide a simple reminder.Potentially using a red painted square on the 22
Doctor-reserved stalls,likewise.
3.Kennedy procured 30 spaces from Casa Grande Motel.In a prior agreement years ago and
Curl expressed a willingness to have their trainers and staff use them now,reducing the recent
pressure on the common area parking,
4.Kennedy also procured 60 spaces at the church across James Way.Curl suggested using those
spaces as needed to reduce the pressure on the common area parking as both Fitness 19
members and 100+new monthly members are being added to the gym site use(which has.
operated for many years now,trouble-free.)
5.Exploring the use of parking software programs that may allow better management of onsite
parking(Parkade for example).
6.The former monitoring(under Mark London as property manager)by a random scheduled'.
security guard,who would address gym members attempting to park in unauthorized(Doctor's)
spaces,with potentially reminding them to move and repark elsewhere,
7.It was mentioned that at least one of the Curl clubs(inOC)has valet parking which may also
be a future remedy(if needed.),
If either Patrick or you have any additional notes or questions,please let me know,;
Upward and onward,
•
Russell She ppel, site owner