WASHINGTON, Aug. 3, 2022 /PRNewswire/ — Modest “Light Touch” increases in housing density can dramatically increase housing supply, create more affordable new homes, and unlock wealth for current homeowners, according to a new study of 200 metros released by the American Enterprise Institute’s Housing Center. Light touch density can help address California’s chronic housing supply shortfall, while retaining the look and feel of small scale residential neighborhoods.
The AEI Housing Center is bringing this message to six cities across the state in a series of free events open to the public. On August 2 AEI released a free Housing and Economic Analysis Toolkit (HEAT) to help inform local policymakers, interested groups and citizens across California on how to implement achievable solutions that increase housing with a “light touch.”
HEAT includes a newly released study of 200 metros across the nation that found that modest increases in single family density almost invariably result in:
- More naturally affordable homes,
- A substantial increase in supply, and
- Higher real estate tax revenue per acre
For example, in San Diego County, light-touch increases in single family detached density resulted in 31% more home built per year, a 10% reduction in price, and a 21% increase in property taxes. This light touch density achieves natural affordability without reliance on subsidies, income limits, or expensive infrastructure improvements.” Light touch density, when applied to existing homes, gives homeowners the right to unlock the hidden value in the lot under their homes by repurposing their own land. In Santa Clara County, for example, single-family detached home may be on a lot worth $2 million. Spilt the lot in half and the owner has $1 million in land value that is freed up to build a second home.
“We owe it to our children and grandchildren to squarely address the growing housing affordability crisis that has already reached acute stages in California and has spread to many other parts of the nation,” says Housing Center Director Ed Pinto. “These supply deficiencies stifle economic growth and opportunity while creating a worse future for our nation.”
By-right Light Touch Density (LTD) and Walkable Oriented Development (WOD) have the potential to unleash a steady stream of lower priced (naturally affordable) housing for decades to come.
Registration is open for 6 California free conferences to be held the week of September 19, 2022.
Learn about how Light Touch Density, Senate Bills 9 and 10 are used to provide a YIMBY solution to increasing local housing supply and improving economic vitality.
These conferences are free and open to all—please forward to anyone else who might have an interest. Each conference will be packed with information and presentations to help to tackle the most pressing housing issues facing Californians.
Visit aei.org/california-housing-conference to register
Conference dates, times, and locations
AEI Housing Center Conference Schedule:
Monday, Sept. 19, 2022
Tuesday, Sept. 20, 2022
Wednesday, Sept. 21, 2022
Thursday, Sept. 22, 2022
Thursday, Sept. 22, 2022
Friday, Sept. 23, 2022
American Enterprise Institute Housing Center
SOURCE AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH