Facing a nearly $1 billion deficit, the city of Los Angeles is set to finance much less affordable housing over the next year under a proposed budget released this week by Mayor Karen Bass.

The budget calls for a nearly 80% drop in city financing of new affordable housing units, declining from 770 homes in the current fiscal year to 160 homes in the next fiscal year.

<p>Facing a nearly $1 billion deficit, the city of Los Angeles is set to finance much less affordable housing over the next year under a&nbsp;<a href="https://laist.com/news/politics/la-mayor-karen-bass-budget-lay-offs" data-cms-ai="0">proposed budget released this week</a>&nbsp;by Mayor Karen Bass.</p>
<p>The budget calls for a nearly 80% drop in city financing of new affordable housing units, declining from 770 homes in the current fiscal year to 160 homes in the next fiscal year.</p>