Cities will make the following deal with developers: we'll give you more density, if you provide units that are deed restricted to be "permanently affordable," meaning will have rents below some ceiling that is tied to area median income.
I have now talked to developers who say the deal works in Seattle and New York, but not in Los Angeles, because city governments around LA specify so much of what must be done during the development process.
This argues (again) for the need for performance based regulation. For instance, when the EPA requires auto makers to have a minimum MPG for their fleet, it doesn't tell the auto makers how to get there--it just says, "get there."
I have now talked to developers who say the deal works in Seattle and New York, but not in Los Angeles, because city governments around LA specify so much of what must be done during the development process.
This argues (again) for the need for performance based regulation. For instance, when the EPA requires auto makers to have a minimum MPG for their fleet, it doesn't tell the auto makers how to get there--it just says, "get there."
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