Will demonized developers turn into city saviors? According to a March 2019 report issued by the National Low-Income Housing Coalition the shortage of affordable, decent, and accessible housing in the U.S. has risen to seven million, which translates to approximately 37 affordable rentals for every 100 low-income households. Most affordable housing projects don’t pencil out and the combination of bank financing and tax credits still results in a budget gap. Opportunity Zones could bridge the gap, but there is no requirement within the legislation for a real estate developer to provide a benefit beyond an increase in the value of the property over a 30-month period. Cities can’t force developers to build projects that deliver specific benefits, like affordable housing. 60 Minutes, usually a conservative news program, featured a working, homeless couple with a sick child living in Tent City in Portland, Oregon surrounded by luxury housing developments. When the political wind for change blows as hard as it is now, it is simply prudent for developers to build shelters to protect them from the wind.
Demons to Angels
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