Recent studies show that affordable housing is not available for many in central Texas. In Georgetown, the average apartment rent has grown from $592/month in 2011 to $1168/month. That is a compound annual growth rate of 14.6%!(RentJungle) The average income has certainly not grown at that rate.
The Mercatus Center recently published a report suggesting land use regulations reduce the supply of housing relative to what it would likely be in a free market and ultimately increase housing costs for consumers.
"The vast majority of municipalities in the United States regulate land use and development to some degree. Land-use regulations come in many forms, ranging from traditional zoning and density restrictions to newer “smart growth” policies designed to limit urban sprawl. While these rules have some benefits, they can also restrict housing supply and inflate housing prices."
Georgetown needs to minimize the impact of land use regulations or the average citizen will not be able to afford to live in the City.
No comments:
Post a Comment