As I’ve been reading up on the inclusionary zoning working group (I unfortunately missed the last meeting today), I wanted to include some data I came across.
The truth is that the #1 reason more development has occurred in Burlington has less to do with Mayor Weinberger, less to do with any changes (and there have been very few changes in Mayor Weinberger’s first 6 years, except for some spot zoning) – the real reason is historically low interest rates.
If we as a city were to follow the recommendations of Erik Hoesktra of Redstone, inclusionary zoning would only trigger when projects over 60 units large were built, killing 87% of all projects that built inclusionary zoning units. While building in bulk will lower some costs, the high cost of land and high cost of labor, along with historically low interest rates, and zoning laws that only favor density in poorer parts of town, are the main reasons we build or do not build new housing. Of the 2200 market rate units built during that time, 24%, or 545 units, were did not fall under inclusionary requirements (for now, we will ignore the hundreds of college units and college-associated housing that did not require IZ units). At minimum, 100 units of integrated housing would not have been built over the course of 20 years – 5 units a year, and at most 195 units would not have been built, or 10 units a year.
If you hear anyone saying that we haven’t built new housing because of inclusionary zoning, or that inclusionary zoning makes it nearly impossible for developers to make a profit, show them the data.