Bob Geary, over at the left-leaning blog “Citizen,” seems a bit frustrated that the Raleigh City Council recently decided to nix the idea of inclusionary zoning (to address affordable housing needs).
Geary seems to think that inclusionary zoning is part of the solution to our region’s affordable housing woes. He’s part of a vocal minority, in our view, touting inclusionary zoning. Most folks don’t know what inclusionary zoning is, and when explained, really don’t like the idea. In theory, it sound like a good idea, but in reality it does very little to address the need for affordable housing.
In a 2004 study of the Bay Area (California is the “leader” when it comes to inclusionary zoning), researchers concluded:
Inclusionary zoning has failed to produce a significant number of affordable homes due to the incentives created by the price controls. Even the few inclusionary zoning units produced have cost builders, homeowners, and governments greatly. By restricting the supply of new homes and driving up the price of both newly constructed market-rate homes and the existing stock of homes, inclusionary zoning makes housing less affordable.
Inclusionary ordinances will continue to make housing less affordable by restricting the supply of new homes.
What’s the Solution?
That’s the question the TCC recently posed at it’s Lunch and Learn forum. Our balanced panel had an in-depth– and honest –discussion of how to provide more affordable housing. You can listen for yourself by downloading the Podcast from the event.
Should our local governments mandate affordable housing, hurting the housing market? Or should we look for more incentive- based measures that will allow folks to afford a home—and all the joys associated with ownership, including appreciation?
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