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A quick thread addressing some feedback I'm seeing on affordable housing ordinance passed by City Council yesterday: https://www.kansascity.com/news/politics-government/article248844539.html
Critique 1: This won't result in a ton of affordable units actually being created. Something is better than nothing! Same with Trust fund $$$/in lieu of payments. Also, if some developers eschew incentives, city tax revenues go up - could spend on housing!
Critique 2: Higher min wage or federal/state funding for housing would be more impactful. Totally agree, but city can't do either on its own. KC raised min wage but was pre-empted by state. City has advocated for increased funding through leg priorities for years.
Critique 3: This will cause spike in rents because it will slow supply. Vacancies in some downtown buildings are above 20%. Market rate units downtown are a different universe than naturally occurring affordable housing.
Critique 3 cont: Supply matters, but the same folks who argue this won't work because large MF buildings downtown are a fraction of the city's housing needs also suggest that a hypothetical small decrease in supply in one (higher-end) part of market will lead to a rent spike?
Critique 4: This is small step, there needs to be larger reforms to zoning, incentive policy, etc. Agree, but legislation can't always happen all at the same time. My DMs are open. Send ideas!
