The cost of housing is a boon for those who are already owners, but is a huge deterrent to those looking to relocate into a region. For example, I live in Georgia, if I was offered a job in Los Angeles it would be very hard to accept. The cost of housing is so different I would have to downgrade significantly if I could find a house in the price range mine is presently.

City officials are looking into the matter by designing a down payment assistance program for the regional public employees to convince them to move closer to their jobs.

If approved, the down payment assistance program would provide about $50,000 to $90,000 in low-interest loans to eligible buyers, depending on the purchase price, credit history and loan package. Compton, Pasadena, San Diego and other cities offer similar programs.

Such housing assistance programs, once a platinum perk for the executive elite or a temporary fix when employees must relocate, are slowly becoming available to mid-level workers at municipalities, universities, hospitals and banks.

Business leaders say employers must become more resourceful if they hope to attract and retain talent. They say that housing costs are scaring away hires.

“Housing prices are becoming a very significant factor in being able to attract people from other parts of the country,” said Carol Schatz, president and chief executive of the Central City Assn. of Los Angeles, which represents downtown businesses and property owners.  via the KTLA

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