Inclusionary zoning is a tool local governments can use to help create below-market-priced housing. The short version is that municipalities can require that a certain number or percentage of units be priced below market in certain types of housing projects. Typically, a municipality would require that these units go for 10% to 20% below market. Inclusionary zoning works well in places where you can build taller buildings, market prices are higher, and as a result, developers have a higher profit margin. It would be hard to achieve inclusionary housing in wood-framed, 6-stories buildings today in Langley City without the support of provincial and federal funding programs.
|
| Screenshot from Metro Vancouver's Housing Calculator |
The Metro Vancouver Regional District recently launched its inclusionary zoning calculator. It allows you to adjust the number of units in a building, site area, market prices, the bedroom mix, the percentage of below-market units and discount level, adjust parking requirements, and even commercial units to create a mixed-use building. For someone who is not a housing expert, the tool is educational, showing how things like density, parking, and market price can impact the number of below-market units that can be built.
I tried to see how many units at 20% below market rents would be possible in Langley City's low-rise land use (up to six-stories apartments.) It was zero. I had to adjust it to Langley City's mid-rise and higher land uses, areas within 800 metres of the new SkyTrain stations, for projects to become feasible in the calculator.
Inclusionary zoning is one tool municipalities can use to support creating below-market housing. Langley City is working on inclusionary zoning policies for our community, which I believe will support creating below-market housing near our two SkyTrain stations.
Check out the calculator and see what sort of building with below-market pricing units you can create.
No comments:
Post a Comment