How Luxury Real Estate Benefits Affordable Housing

The impact of market-driven inclusionary zoning programs is expected to increase.
October 26, 2005, 10am PDT | Abhijeet Chavan
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"...inclusionary zoning [is[ one of several city programs that provide incentives for market-rate developers to contribute to the inventory of affordable housing. They can buy extra space for their buildings from affordable housing developers; include affordable apartments in their buildings; or buy city-issued certificates from developers of affordable housing that allow them to pay lower property taxes...As housing economists point out, the market-driven programs do not meet the city's great need for the production of affordable units - but they make a dent. And their impact is expected to increase in the next few years as builders, aware of the city's growing population, take advantage of recently enhanced incentives to build in rezoned areas..."

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Published on Tuesday, October 25, 2005 in The New York Times
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