At What Cost? Student Loan Debt in the Bay Area
For most Americans, an investment in higher education is a key driver of economic security and mobility. However, rapidly rising costs of attendance, combined with stagnant wages and inadequate support systems for vulnerable borrowers have resulted in outcomes that are at odds with our collective vision of higher education as a crucial foundation for achieving the American Dream. This report highlights the local contours of this issue in the nine-county San Francisco Bay Area region, particularly for low-income communities and communities of color, using Federal Reserve Bank of New York ...
Housing market recovery in the 12th district: implications for low- and moderate-income communities
Following the aftermath of the Great Recession, national indicators are starting to show signs of improvement in the housing market. However, such indicators mask the realities of what?s happening on the ground in low- and moderate-income (LMI) communities that were disproportionately affected by the housing crisis. Complicating matters is the unprecedented role of investors in the housing recovery and the changing nature of local housing markets. There are pressing concerns around the potential impact of investor ownership on communities, tightening rental markets, and the ongoing challenges ...
COVID-19 Impacts on Housing Stability in the Twelfth Federal Reserve District
In the face of layoffs and furloughs due to the COVID-19 pandemic, many renters and homeowners across the country have struggled to make their mortgage or rent payments. Banks have provided flexibility to borrowers through loan deferrals and forbearance during the pandemic. The federal CARES Act provided stimulus payments to low- and moderate-income people and expanded unemployment insurance payments by states, allowing many to continue paying their bills during the early months of the pandemic. The CARES Act also included rental assistance to be disbursed by states, a moratorium on evictions ...
Student debt and default in the 12th District
Postsecondary educational expenses and student loan balances have been trending steadily upward, but persistent unemployment and weak economic conditions have created an alarming new trend of rising student loan defaults. This Brief examines broad trends in student borrowing in the Federal Reserve's 12th District, with an emphasis on students from low- and moderate-income households. The rise of student borrowing has important community development implications as it directly impacts the present and future financial well-being of LMI individuals.
Housing Stability and Family Health: An Issue Brief
Soaring housing costs are the topic of many recent discussions in the San Francisco Bay Area, but receiving less attention are the implications of high cost housing on the health and well-being of families who are expecting or who have young children. This research brief presents a snapshot of housing instability for families with children in the Bay Area. It synthesizes a growing body of literature to reveal how housing instability during pregnancy and early childhood has particularly negative long-term consequences, while also highlighting promising ways to support housing stability. ...
School quality and affordable housing in the Bay Area
Everyone knows the old real estate adage that the three most important factors in determining the value of a given property are location, location, and location. This is to say that place matters; a neighborhood confers a bundle of amenities to its residents that are specific to that geography. This bundle can include proximity to parks, small-scale retail offerings, high quality schools, and a variety of transportation options, as well as low crime rates and clean air. These amenities are arranged in a variety of configurations across space, and most households determine which aspects are ...
The Mental Health Implications of COVID-19 on Low-Income Communities and Communities of Color
Shelter-in-place and social distancing measures have been critical for “flattening the curve” and managing the spread of COVID-19, but the sudden shock to our economic and social lives is raising concerns about the need to “flatten the second curve” of mental and behavioral health issues. A new report in JAMA Internal Medicine warns, “In the context of the COVID-19 pandemic, it appears likely that there will be substantial increases in anxiety and depression, substance use, loneliness, and domestic violence; and with schools closed, there is a very real possibility of an epidemic of ...
Child Care, COVID-19, and our Economic Future
Child care is important for cultivating the future workforce, and it also ensures that working parents of today can participate in the economy, helping to achieve the Federal Reserve’s mandate for full employment. While child care in the U.S. is a piece of critical infrastructure, it is often invisible and undervalued. Straddling the lines between parenting, education, and small business, child care does not get the full attention and resources of any particular domain, and its contribution to the economy has been overlooked.Longstanding and widespread constraints in the child care sector ...