We will create public/private partnerships that fill critical demands like workforce housing that are not normally satisfied by the private market. The Housing Market Preference and Demand Study defined housing preferences for different age and income groups, including residential types and locations. This information provides valuable guidance to city agencies, community organizations, builders, and developers that can help all parties make policy and business decisions. However, these data rapidly become outdated. Regular updates, funded by a mutually beneficial partnership of public and private sectors, can ensure that this information remains relevant and useful.
But information must be put to use. The 2013 housing study identified a major demand for “workforce” housing – equity and rental units affordable to people in a range from 60% to 120% of the citywide median household income. The normal private market has difficulty producing housing for much of this income range because of perceived risk and small profit. Partnerships between the public, private, and nonprofit sectors, including employers, can develop programs that remove obstacles to workforce housing production and marketing. Options include site acquisition, landbanking, interim financing, appraisals, mortgage financing, neighborhood infrastructure, and streamlined development reviews.