Housing News Roundup: March 1, 2018
How Does Where You Grow Up Affect Your Adulthood Income?
Research conducted by two Harvard University economists shows that children in low-income households who grow up in counties with low income inequality, poverty, and segregation will have higher adulthood incomes than their counterparts in counties with high income inequality, poverty, and segregation. Mark Treskon, a researcher at the Urban Institute, says this poses a dilemma for community leaders. “Do you try to improve the neighborhoods people are in? Or do you try to get them to move to better neighborhoods?…It gets to pretty fraught discussions about how you do that equitably.”
Source: Milwaukee Journal Sentinel
California Lawmakers Consider Allowing Housing Development near Major Transit Stations
Amid California’s severe affordable housing shortage, state senator Scott Wiener has proposed that the state should allow more concentrated housing near major transit centers, going against existing local restrictions. Some city leaders back the legislation, which Wiener says is necessary because localities have unlimited power over where housing is built, while other cities feel threatened. It is “a declaration of war against our neighborhoods,” said Berkeley mayor Jesse Arreguín.
Nashville Coalition Forms to Fight for Affordable Housing
To keep up with housing demand, Nashville needs to add 31,000 affordable rental units between 2017 and 2025. Welcome Home, a Nashville coalition of nonprofit, labor, and religious organizations, formed to reduce the city’s affordable housing shortage. Thirty-two organizations support the coalition, and it hopes to add more organizations to increase political pressure. It wants at least $775 million of Metro funds to be dedicated to housing by 2025.
High California Housing Costs Deter Some Out-of-State Workers
Some Southern California business say that high rents and home prices are to blame for their failure to attract out-of-state employees. The state’s median home price is $529,900, and the median monthly rent for an apartment is $2,426. “Aggregate earnings would be much higher if the most productive cities in the US were more welcoming in the form of they were more willing to add more housing,” said economist Enrico Moretti of the University of California, Berkeley.
Source: LA Times
More Oregon Cities Adopt Excise Tax to Fund Affordable Housing
Last week Medford, Oregon, adopted an excise tax on new construction to help fund new affordable housing, which the city estimates could generate about $500,000 a year. Medford follows Bend, Portland, and other cities in the state that have already adopted such policies. “This is absolutely a statewide problem, and local jurisdictions are looking for tools to solve that problem,” said Alison McIntosh, deputy director for policy and communications at Neighborhood Partnerships.