Housing News Roundup: February 9, 2015
‘Scary’ Trend Spurs Salt Lake City to Expand Affordable Housing
Salt Lake City has announced a five-year plan to create or preserve 5,000 affordable housing units to address the city’s critical housing need. Approximately one in four renters in the city pay more than half of their income on housing. “I think that number is scary,” said Michael Ackerlow, the city’s director of housing and neighborhood redevelopment. “When you add transportation costs and healthcare, pretty soon you don’t have the room for basic necessities.”
Source: Next City
Is 2015 the Year Millennials Get Serious About Housing?
Millennials, the largest generation in history, are seriously beginning to enter the housing marketplace after years of holding back. “The story about millennials not forming households and getting into homebuying is more of a 2012 and early 2013 story,” said Jonathan Smoke, Realtor.com’s chief economist. “It’s outdated. Our view of 2015 is informed by strong trends and indicators of what’s happening today with millennials.” The report found that Millennials have particular preferences about their desired homes, including living in urban areas, being smaller, being eco-friendly and ensuring purchases are also solid investments.
Source: Housing Wire
NYC’s Affordable Housing Push Called Ambitious and Necessary
Following New York City Mayor Bill de Blasio’s announcement of a renewed emphasis on affordable housing, The New York Times editorial board analyzed the difficulty — and importance — of making the plan work. “Too-slow growth and gentrification have shrunk the supply of affordable housing.”
Source: New York Times
‘Youthification’ vs. ‘Gentrification’
What people think of as gentrification might actually be youthification, a new moniker for the trend of young people moving into higher density cities and neighborhoods, according to new research. Though the moves start with a search for more affordable housing, over time more young people are migrating inward even as housing costs increase.
Source: City Lab
Is There a Middle Ground Over How to Improve Affordable Housing?
Even people who agree on the importance of affordable housing can disagree on exactly what’s meant by “affordable” and how to go about making it happen. The divide concerns whether it’s best left to the government or whether the laws of economics should pave the way for “natural affordability.”
Source: Washington Post