Shaping Housing Options in the Community: How to maintain - - PowerPoint PPT Presentation

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Shaping Housing Options in the Community: How to maintain - - PowerPoint PPT Presentation

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Shaping Housing Options in the Community: How to maintain affordability and accessibility to walkable urban places Tompkins County Housing Summit: A Place for All of Us, Housing by Choice or by Chance? November 30, 2016 Ithaca, NY Twitter:

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Shaping Housing Options in the Community:

How to maintain affordability and accessibility to walkable urban places

Tompkins County Housing Summit: A Place for All of Us, Housing by Choice or by Chance? November 30, 2016 Ithaca, NY Twitter: @christophercoes

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Who is Smart Growth America?

Smart Growth America is a national non-profit organization dedicated to researching, advocating for, and leading coalitions to bring smart growth practices to more communities nationwide.

  • SGA Leadership

Institute

  • Local Leaders Council
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Who is LOCUS?

Only organization working directly on behalf of developers and investors of walkable urban, transit-oriented and smart growth development.

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“See the USA in your Chevrolet” Affordable Housing Strategy: Drive until you qualify

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`

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The demographic and economic fundamentals have shifted

What’s been happening?

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Economic growth

20th century vs. 21st century

  • Manufacturing economy vs. Knowledge economy
  • Chasing smokestacks vs. Chasing talent
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Millennials

They follow lifestyle, not jobs. Millennials choose where to live before finding a job.

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12

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Preferences: Housing Preferences: Housing 47% 47% 12% 12% 40% 40%

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And they don’t seem to want cars

THE CHANGING MARKET

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Boomers are a different kind of Senior Citizen:

Adulthood II

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Preferences: Transportation

  • Baby boomers are walking more and driving

less…

– Health Impacts – Traffic Concerns – Rural Seniors Hold licenses longer – Higher rates of automobile accidents

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Market Trends For Senior Adults

  • A scientific poll of people age 45 and older by AARP in 2010 found that having the following amenities close by

were also particularly important to older adults: bus stop (50%), grocery store (47%), park (42%) and pharmacy/drug store (42%)

  • Based on a recent RCLCO’s national survey of boomer preferences for amenities, 83% ranked walking, 67% nearby

shopping, and 51% bicycling as top priorities. In addition, one notable trends are towards development of mix- aged housing projects and age-restricted housing projects that are closely integrated into an intergenerational neighborhood.

  • Employment proximity is also becoming increasingly important, as the number of workers 75 or older has risen by

77 percent in the past two decades according to AARP’s Public Policy Institute.

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We’ve got the wrong housing stock for the 21st century

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Smaller homes-more people Larger homes-fewer people

Source: Adapted from American Housing Survey 2011 by Arthur C. Nelson, University of Arizona.

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“About 10 percent of Americans would like to live in mixed-use small towns, but don't.” -- Robert Steuteville

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Two Reasons for Gentrification, which results from Pent Up Demand for Walkable Urban

Increased Construction Costs(@30%)…smaller space Increased Land Values (@70%)

Gentrification: Most Loved or Most Hated

Term in Real Estate

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Understanding the Economics of WalkUPS in the 30 Top Metros

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Ranking Walkable Urbanism in America’s Largest Metros

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Form & Function of Metropolitan America

WALKABLE URBAN DRIVABLE SUB-URBAN WALKUP:

Metro Area Acreage: 1%

EDGE CITY

Metro Area Acreage: 5-7%

NEIGHBORHOOD

Metro Area Acreage: 3-7%

BEDROOM COMMUNITY

Metro Area Acreage: 80-85% REGIONALLY SIGNIFICANT LOCAL SERVING

METROPOLITAN LAND USE OPTIONS:

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  • There are 558 WalkUPs, or regionally

significant, walkable urban places, in the 30 largest metropolitan areas in the United States.

  • High, Moderate, Tentative & Low
  • Six High-Ranked Metros:
  • Metro Washington, DC
  • Metro New York City
  • Metro Boston
  • Metro San Francisco
  • Metro Chicago
  • Metro Seattle

Key Findings

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  • Walkable urban office space in the 30

largest metros commands a 74 percent rent-per-square-foot premium over rents in drivable suburban areas. And, these price premiums continue to grow.

  • Walkable urban development is not

limited to the revitalization of center cities; it is also the urbanization

  • f suburbs

Key Findings

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Unintended Consequence of WalkUPs

  • Without intervention,

increasing walkable urbanism leads to decreasing social equity

  • Planning affordable

housing to combat the natural effects of WalkUP development

PLATINUM GOLD COPPER SILVER ECONOMIC PERFORMANCE SOCIAL EQUITY RATING

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America’s Current (failing) Affordable Housing Policy

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“DRIVE TILL YOU QUALIFY”

Photo Courtesy of the New Yorker

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Housing Costs – Tompkins County

Housing and Transportation Index, CNT

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Housing and Transportation Costs Tompkins County

Housing and Transportation Index, CNT

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What is Really Affordable?

Affordability

% of income

Housing and Transportation Costs 56% Housing Costs 31% Transportation Costs 25%

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According to Forbes Magazine, the 2015 Most Affordable Cities (based on housing and transportation) include:

Birmingham, AL Knoxville, TN Buffalo, NY Oklahoma City, OK Cincinnati, OH Memphis, TN

  • St. Louis, MO

Dayton, OH Indianapolis, IN Columbus, OH and Detroit, MI (tie)

What do these cities have in common?

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— 40% of older Americans have housing problems mostly cost burden — 30% of household income. Source: Older Americans 2012 In the 2013 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), workers aged 55 and

  • lder said the following about their retirement savings:
  • 60% have less than $100,000 in retirement savings
  • 43% have saved less than $25,000
  • 36% have saved less than $10,000

Baby Boomers Reality Check

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Strategies for Addressing the Attainable Housing

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Photo courtesy of Jeff Speck, NEA

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Typical Impediments to mixed-use, mixed-income

  • Federal financing guidelines
  • Parking requirements
  • Project approval processes
  • Zoning and NIMBY opposition
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Zoning & NIMBYs as… Public Enemy #1

  • Economist: Land-shackled

Economies (April 4th, 2015)

  • Knowledge economy drives up

land values in select places,

  • esp. walkable urban
  • Zoning & NIMBYs result in a

“shadow tax” of 50% in SF & 20% in DC and Boston (Paris=450%!)

  • U.S. GDP reduced 13.5% or

$2 T in 2009 by land use constraints…$10,000/capita

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People-centric high density

Bethesda, MD Bethesda, MD Savannah, GA Savannah, GA Capitol Hill Washington, DC Capitol Hill Washington, DC

Top left and right Photos by Steve Davis Top left and right Photos by Steve Davis

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Bentonville, Ark.

  • W. Lafayette, Ind.

Spartanburg, SC

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Tuckahoe, NY

Examples of Mix-use, Mixed-income

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Charleston, SC

Examples of Mix-use, Mixed Income Development

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Attainable Housing Strategies

  • Support Standard tax credit and

vouchers

  • Support Complete Streets
  • Choice Communities/Redevelop

Public Housing (HRI in NO)

  • Zoning Reform – Overlay Zoning,

Inclusionary Zoning, Easy Living Building Standards,

  • Ancillary rental units in for-sale

housing (like AirB&B), Employer Assisted Housing

  • Focus credits and vouchers on walkable

urban places (LOCUS tax reform)

  • Public/Private Value Capture (ABQ Civic

Trust)

  • “Alternative” transportation: shift of

household spending from cars to housing/savings (US transportation bill & local tax increases)

  • Employers to TOD locations

(LOCUS/Cushman study)

  • Create more walkable urban places in to

decrease land costs (overlay zoning & marginalize NIMBYism)

Short-term Place-based Strategy (LOCUS) Long-term

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Thank You! More information, please visit: locusdevelopers.org smartgrowthamerica.org

Christopher Coes Vice President, Real Estate Policy and External Affairs, Smart Growth America Director, LOCUS: Responsible Real Estate Developers and Investors Email: ccoes@locusdevelopers.org Twitter: @christophercoes