Post by Logan on Jun 21, 2016 20:38:33 GMT -6
Mayor Mitch Landrieu stresses housing, public safety in 'State of the City' address
New Orleans will add another 7,500 units of affordable housing in the next five years, according to a strategy Mayor Mitch Landrieu revealed Tuesday (June 21) during his "State of the City" address.
The city's increasing population and a residential real estate market Landrieu described as "off the charts" -- home values are up 54 percent since 2010 -- have combined to limit available inventory. Meanwhile, wages have remained flat. As rents have increased, families are paying more than 50 percent of their income on housing costs, the mayor said, citing numbers from multiple studies.
"That is unsustainable and has to be fixed," Landrieu said.
His fix involves getting the City Planning Commission and City Council to create inclusive zoning laws that will require more affordable units when large multi-family developments are being approved for construction. To entice more investors to follow these new standards and add affordable inventory, he said the city will "completely redesign" its development incentives.
Read more: www.nola.com/politics/index.ssf/2016/06/mayormayor_mitch_landrieu_stre.html#incart_2box_nola_river_orleans_news
New Orleans will add another 7,500 units of affordable housing in the next five years, according to a strategy Mayor Mitch Landrieu revealed Tuesday (June 21) during his "State of the City" address.
The city's increasing population and a residential real estate market Landrieu described as "off the charts" -- home values are up 54 percent since 2010 -- have combined to limit available inventory. Meanwhile, wages have remained flat. As rents have increased, families are paying more than 50 percent of their income on housing costs, the mayor said, citing numbers from multiple studies.
"That is unsustainable and has to be fixed," Landrieu said.
His fix involves getting the City Planning Commission and City Council to create inclusive zoning laws that will require more affordable units when large multi-family developments are being approved for construction. To entice more investors to follow these new standards and add affordable inventory, he said the city will "completely redesign" its development incentives.
Read more: www.nola.com/politics/index.ssf/2016/06/mayormayor_mitch_landrieu_stre.html#incart_2box_nola_river_orleans_news