They can’t finance the project with the requirement to include affordable units in the building.
And they’re likely not alone, to date, no units of affordable housing have been produced by any of these projects where developers were “suggested” to include affordable housing. It sounds good in a campaign speech, but it’s not producing any results. There’s a better way to spur the private sector to build affordable units: incentives. We’re seeing this actually work through our incentive-based density bonuses in frequent transit corridors, with hundreds of income-restricted units permitted or under construction, without any public funds.
28 Likes