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☆ A policy that's supposed to create more affordable housing often backfires, leaving cities with higher home prices and rents. There's a way to fix that.
▼ + stars: | 2024-05-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

A key policy designed to create affordable housing for low-income people has long been scrutinized for being generally ineffective. So a policy designed to create more affordable housing can actually result in fewer homes and higher housing costs. Related storiesPhillips wanted to determine whether there's an optimal inclusionary zoning policy and if not, what the policy's tradeoffs look like. This involves finding a balance between creating more deed-restricted affordable housing and boosting the overall supply of housing. He concluded that the value of the government subsidy for building affordable housing needs to outweigh its costs.

Persons: Shane Phillips, Phillips Organizations: Service, Business, UCLA, UC Berkeley's Terner, Housing Innovation Locations: American, Los Angeles

☆ Housing economists have a great idea that could fix just about everything
▼ + stars: | 2023-11-24 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

"A land value tax would fix that" has become a popular, and sometimes comedic, Twitter response to a range of policy conundrums among urbanists and YIMBYs. It would incentivize landowners to maximize the revenue from their property — building an apartment building instead of, for example, a parking lot. And because rich individuals and corporations own most land in cities and towns, land taxes would disproportionately fall on the wealthiest. Pure Georgists advocate for abolishing all taxes besides land value taxes. Instead, they want to see more regressive levies — like sales taxes — or those that penalize investment — like property taxes — reduced.

Persons: —, Henry George, George, Stephen Hoskins, BZ5X3Lh7mU — Daryl Fairweather ⛅, Mike Duggan, Gregor Schwerhoff, Shane Phillips, Scott Olson, Phillips, Hoskins Organizations: Service, urbanists, Resource Justice, Lawmakers, Detroit, International Monetary Fund, Lewis Center for Regional Policy Locations: America, Pennsylvania, Pittsburgh , Harrisburg, Allentown, Detroit, Minnesota, Hamtramck , Michigan, American

☆ 'Selling Sunset' agents are freaking out about LA's new mansion tax — but it's not just millionaires who should be worried
▼ + stars: | 2023-11-12 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +10 min

This time, it hinges on Los Angeles' new mansion tax, which impacts homes sold for over $5 million. She added of the city's mansion tax, "This is a very reasonable and equitable way to generate some resources that can support those needs." Unintended consequences of a mansion taxColloquially known as a mansion tax, United to House LA (Measure ULA) passed in November 2022 with 58% support. Shane Phillips, a UCLA housing researcher whose work helped inspire LA's mansion tax, is worried about the mansion tax depressing new development, particularly of multi-family buildings. Phillips argued that if the law is tweaked to exempt first-time sales, the mansion tax "will unquestionably do more good than harm."

Persons: —, Mary Fitzgerald, Nicole Young, Jason Oppenheim, It's, Oppenheim, — aren't, Mari Castaldi, Karen Bass, Shane Phillips, Phillips, that's, Billy Rose, you'll, Rose, doesn't, Castaldi, Phillips isn't Organizations: Service, Netflix, Oppenheim Group, realtors, California Association of Realtors, Budget, House, LA Times, UCLA, Agency Locations: Angeles, Los Angeles, New York, Washington, Massachusetts, Chicago, Santa Fe, California, LA

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