Exploring the Lack of Affordable Housing
In a compelling article by Conor Dougherty in The New York Times, we're reminded that the affordable housing crisis is a widespread challenge across the United States, not just localized to specific cities like Seattle. Highlighting innovative solutions at the state and local levels, Dougherty explores how easing construction and zoning regulations can pave the way for more accessible housing. This piece underscores the importance of bipartisan efforts in tackling this national issue, showcasing initiatives that could serve as models for communities everywhere.
A few key takeaways from Dougherty’s “America’s Affordable Housing Crisis” article are quoted below.
Home Prices Are Up About 60% Over the Past Decade, Adjusted for Inflation
“About a quarter of renters — some 12 million households — spend more than half their income on housing, far in excess of the one-third level that is considered healthy.”
“‘Super commuters’ — who drive for 90 minutes or longer to work — have migrated well beyond the expensive coasts to smaller cities like Spokane, Wash., and fast-growing metropolitan areas like Dallas and Phoenix.”
“As rent and home prices climb beyond middle-income budgets in more places, states are racing to add housing.”
Local and State-Level Legislation Will Be Part of the Solution
“The legislation in each state varies. But in general it removes permitting and design barriers so new construction can be approved faster. States are also trying to alter zoning rules to allow a greater diversity of units in more neighborhoods.”
“One way is to allow more backyard homes — known as granny flats. That way, homeowners can build a space for a renter or family member. Another is to shrink lot sizes so several smaller cottages can be built on parcels currently reserved for only one larger home. Cities and states are also altering zoning rules so duplexes and triplexes can be built in neighborhoods that are currently designated for single-family homes. All these methods aim to increase density within a city’s existing footprint.”
House Bill 1110, which was recently adopted in Washington state, addresses some of these zoning adjustments. For more information about its impact, listen to the “Real Impact: Navigating Critical Real Estate Development with Tadashi Shiga” Market Perspectives podcast episode here.
Read the complete story here and contact us for more information about affordable housing efforts underway in Washington State.