October 26, 2016 Comments Off on Vacant Urban Lots May Help Solve Housing Crisis Views: 297 California News, West

Vacant Urban Lots May Help Solve Housing Crisis

A new report from McKinsey Global Institute offers a long list of policy ideas that could solve California’s mounting housing crisis. The contentious and politically challenging ideas to accelerate construction range from streamlining grants of local permits to using tax policy to withhold money from anti-growth cities.

One intriguing land development policy idea includes building on the roughly 225,000 vacant plots of urban land, found mostly in San Francisco or Los Angeles.

The sate needs to add 3.5 million homes over the next eight years in order to meet expected population growth and help keep homes more affordable. The current pace of construction would need to triple.

The McKinsey report estimates burdensome housing costs rob California of $140 billion in annual economic output.

Read More at NY Times

Connect with McKinsey Global Institute report

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