Mark Kenney’s Post

Fascinating paper on Inclusionary Zoning: "One of IZ’s fundamental shortcomings is that it does not address—and likely exacerbates—the housing scarcity that drives higher rents and home prices. It improves housing affordability for a few at the risk of worsening affordability for many, and it taxes precisely the activity needed to ameliorate the housing shortage and bring down rents: development" https://lnkd.in/gNZgpt3B

It’s crucial for policymakers to understand the trade-offs between different policy objectives before making decisions. On policies related to land development, one way to do that is have a land & development economist provide an assessment to decision makers in advance of any vote on a new policy item.

This should not be rocket science, but sadly it appears to be with too many policy wonks working in academia and government; municipal, provincial and federal. You typically need to set rents/prices of market product at levels that set a new benchmark for the area, which in turn moves the rest of the market up to maintain the historic spread to whatever the benchmark is. If developers don't think the market will bear the new benchmarks they won't build.

[Part 1] Recently an article I contributed to was published by the Regional Plan Association concerning the state of affordable housing in New Jersey. It gives insight to the past, present, and future of housing in New Jersey. Coincidently it was published around the same time I made available a housing guide for Jersey City concerning the recent changes in our Land Development Ordinance (see the next post)!

The article "The Ripple Effect: Rent Regulation and Its Effects on Housing and Neighborhood Quality" highlights how rent regulation, intended to make housing affordable, often backfires, leading to deteriorating housing conditions and neighborhood quality. It emphasizes that these policies can result in increased housing inadequacies and neighborhood issues. The piece suggests that better solutions lie in increasing housing supply rather than regulation. Given the government's track record, if a policy is flawed, it's likely they will implement it. Read more [here](https://lnkd.in/gG7NvZxU).

Local governments can implement policies in four key areas to address the housing affordability crisis and ensure quality housing.Check out this article, “How Local Governments Can Address The Housing Affordability Crisis,” co-authored by my colleagues Michael Anders and Justin Fishman, CFA. #buildingabetterworkingworld

Much of the housing debate at the moment seems to focus on the problem or the market gap, with good reason, but with little real suggestion as to the way forward other than increasing supply and generally having a bash at planning and local government. So interesting to see this article about Minneapolis and four of a suite of reforms they have instituted to tackle housing affordability: - eliminating parking minimums - creating density minimums near public transit stations - abolishing single-family zoning - and increasing investment in affordable housing projects (public and private). None of them are particularly surprising on their own (its not as if they aren't in the mix here) so maybe it is the combination of using them together as a coherent package that is leading to success. What it suggests - and note to the debate in Australia - is that there needs to policy clarity, commitment and a broad approach.

Bill Package to Establish New Affordable Housing Framework and Support Affordable Development Advances Through Contact me to discuss the latest scoop in real estate! #Realestatenews #Info #Instagram #realtalk #followme #newjersey #Forsalebydianerivera #realestate

The Bill 47 Housing Statutes (Transit-Oriented Areas) was read a third time and successfully passed at BC's Legislative Assembly on Thursday, November 30, 2023. I anticipate widespread and ongoing interest, conversation and debate from various stakeholders, including the general public, politicians, property owners, developers, media, and various groups and associations, as they closely monitor the ramifications of this new Provincial legislation in the short, medium, and long term. The legislation, which allows for increased building height and density, along with eliminating parking minimums near transit, has sparked diverse opinions, both in favor and against. The impacts, whether positive or negative, are expected to resonate across housing affordability, property taxes, infrastructure capacity, neighbourhood livability, views, shadowing, housing prices, and the entire socio-economic spectrum, ranging from the underprivileged to the affluent. Time will tell. Here's the link: