Finding a way to include for-profit developers in the building of more-affordable rental units for minimum, low-wage and regular workers is where there could be opportunities for the industry, according to Anne McMullin, CEO and president of the Urban Development Institute.
“It has to be done in part with the building community and the building community will build market condos and market rentals. But it can also build below-market rentals and social housing, by leveraging the land, and going higher so there is a profit, legitimate profit, to subsidize a mix of income levels.”
Reliance Properties president and UDI chair Jon Stovell said this is in spite of a growing number of would-be homebuyers getting snarled by federal rules on mortgage stress-testing who are instead turning to the rental market.
Developers will develop projects when cost of land isn't dropping. Also, if they own land purchased at top of the market, they will pay specTax on that land to stop landhoarding: ie they face a decision 2 develop it, sell & break even, or endure losses waiting for market 2 turn
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