Inclusionary Zoning is Stepping In
January 20, 2017
With Class A apartment construction steadily rising in the last few years, rents have continually risen higher, and higher, so much so that one in four working renters is paying 50% or more of their income monthly. “Inclusionary Zoning” would require developers to allow for a certain number of units to be priced accordingly in regards to potential tenants who have low to moderate income. In exchange for providing an acceptable number of affordable units, housing developers would receive zoning and planning support, as well as possible tax breaks, and the potential to underwrite some of the apartments, in turn streamlining the construction process. Many large cities throughout the country have gained interest and begun considering, as well as implementing the new zoning program this year alone. However, come critics are concerned that these new programs will cause either housing prices to increase, or development to stagnate.