Panelists participating in a recent webinar hosted by the Urban Institute discussed various actions that could help alleviate the nation’s affordable housing crisis.
Among the possible remedies: inclusionary zoning policies, various reforms to increase local affordable housing stock, fees on new development to offset the impact on public infrastructure, increased support for first-time homebuyers, and granting tenants the right of first refusal to match offers when a landlord is considering selling their property, according to a report by SmartCities Dive.
Some panelists advocated for more investment in public housing, social housing, and shared equity models such as community land trusts, where residents collectively own property through an independent body.
Such models are examples of “decommodified housing” — a term panelists used to describe housing that supports collective well-being and economic mobility over its role as an individual financial asset. One panelist noted that the collective ownership of land is not foreign, as a condominium is a well-known type of collective ownership with individuals owning units within a property that is jointly owned.
The challenge to spurring more innovative options for home ownership is getting the public and banks to believe that decommodified housing is worthy of investment, a panelist said. Goals should include moving people from public housing into affordable rental properties and eventually into home ownership. More alternative ownership models would make the latter more achievable.
Related Stories
Affordable Housing | Mar 20, 2024
240-unit affordable housing community to be built on site of former shopping center
Jefferson Plaza Apartments, being built on a 7.6 acre site of a former shopping center, will comprise seven 3-story buildings with 147 one-bedroom and 93 two-bedroom units.
Multifamily Housing | Mar 19, 2024
Jim Chapman Construction Group completes its second college town BTR community
JCCG's 200-unit Cottages at Lexington, in Athens, Ga., is fully leased.
Multifamily Housing | Mar 19, 2024
Two senior housing properties renovated with 608 replacement windows
Renovation of the two properties, with 200 apartments for seniors, was financed through a special public/private arrangement.
Multifamily Housing | Mar 18, 2024
YWCA building in Boston’s Back Bay converted into 210 affordable rental apartments
Renovation of YWCA at 140 Clarendon Street will serve 111 previously unhoused families and individuals.
MFPRO+ News | Mar 16, 2024
Multifamily rents stable heading into spring 2024
National asking multifamily rents posted their first increase in over seven months in February. The average U.S. asking rent rose $1 to $1,713 in February 2024, up 0.6% year-over-year.
Adaptive Reuse | Mar 15, 2024
San Francisco voters approve tax break for office-to-residential conversions
San Francisco voters recently approved a ballot measure to offer tax breaks to developers who convert commercial buildings to residential use. The tax break applies to conversions of up to 5 million sf of commercial space through 2030.
Affordable Housing | Mar 12, 2024
An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
In Santa Monica, Calif., Brunson Terrace is an all-electric, 100% affordable housing project that’s over eight times more energy efficient than similar buildings, according to architect Brooks + Scarpa. Located across the street from Santa Monica College, the net zero building has been certified LEED Platinum.
MFPRO+ News | Mar 12, 2024
Multifamily housing starts and permitting activity drop 10% year-over-year
The past year saw over 1.4 million new homes added to the national housing inventory. Despite the 4% growth in units, both the number of new homes under construction and the number of permits dropped year-over-year.
Affordable Housing | Mar 11, 2024
Los Angeles’s streamlined approval policies leading to boom in affordable housing plans
Since December 2022, Los Angeles’s planning department has received plans for more than 13,770 affordable units. The number of units put in the approval pipeline in roughly one year is just below the total number of affordable units approved in Los Angeles in 2020, 2021, and 2022 combined.
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
