Investors got big tax breaks to turn luxury Bay Area apartments into affordable housing. In many cases, rents are higher than before

Serenity at Larkspur, a luxury apartment complex in Marin County, offers amenities like pools and a tennis court, with one-bedroom units renting for $3,004. Despite being marketed as affordable housing, many units charge higher rents than market rates. Catalyst Housing, which acquired the property in 2019, received tax breaks and used municipal bonds for financing, benefiting financially while cities forfeited property taxes. Critics argue the program fails to provide true affordability for middle-income renters, with some residents struggling to afford their rents.