Light Touch Density: the key to stopping the tide of departing Californians

WASHINGTON, Sept. 2, 2022 /PRNewswire/ — As the median home price has crept over $800,000, the benefits of living in California no longer outweigh the costs for an increasing number of Californians¹. Since 1990, more than 3.8 million people have left the state than have moved in—slightly less than the total population of the city of Los Angeles. According to the IRS, net domestic and foreign outmigration increased to over 263,000, up from just under 168,000 in 2019. To keep the workers who keep its cities running, California needs more naturally affordable housing. To this end, the American Enterprise Institute is hosting a series of conferences throughout California to discuss how cities can create affordable and economically vibrant neighborhoods where families can put down roots.

By implementing Light Touch Density— the development of varied single-family homes with 1-4 units— housing can be built that stems the migration tide. According to a recent AEI study, as the number of housing units per acre built increases, the cost of those individual housing units decreases. Modestly increasing density with a “light touch” by building more duplexes, townhomes, or condos concentrates increased housing supply at the middle price points, directly increasing the amount of naturally affordable housing and slowing high home price appreciation. This filtering process parallels the car market, where new cars free up used cars at lower prices, and so on. Neighborhoods can maintain their residential character while increasing affordability just by incrementally increasing density.

Current homeowners that often fight against housing construction and want to stick around for the long haul have a lot to lose as California bleeds residents. There isn’t enough housing for young adults to move out on their own and with the normalization of remote work, workers are not necessarily tethered to the office. But cities that get into a cycle of population loss will suffer from lower tax revenue, impacting fire and police, education, and parks and recreation.

Join AEI September 19-23 to learn how you and your community can take actionable steps to address California’s housing crisis through SB 9, SB 10, and Light Touch Density.

Registration is open for 6 California free conferences to be held the week of September 19, 2022.

These conferences are free and open to all—please forward to anyone else who might have an interest. Each conference will be packed with information and presentations to help to tackle the most pressing housing issues facing Californians.

Visit aei.org/california-housing-conference to register

¹ California Department of Finance, Finance Bulletin, August 2022.

Conference dates, times, and locations

Media Contact Details:

Arthur Gailes

American Enterprise Institute Housing Center

Washington, DC

aei.org/california-housing-conference

Arthur.gailes@aei.org

804-662-0874

View original content:https://www.prnewswire.com/news-releases/light-touch-density-the-key-to-stopping-the-tide-of-departing-californians-301617207.html

SOURCE AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH

Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.