Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

Affordable Housing: Bi-Partisan Legislation Addresses Housing Shortage with the YIMBY Act

Affordable Housing: Bi-Partisan Legislation Addresses Housing Shortage with the YIMBY Act

FromReal Estate News: Real Estate Investing Podcast


Affordable Housing: Bi-Partisan Legislation Addresses Housing Shortage with the YIMBY Act

FromReal Estate News: Real Estate Investing Podcast

ratings:
Length:
5 minutes
Released:
May 29, 2021
Format:
Podcast episode

Description

The U.S. Senate is taking a close look at the YIMBY Act. The Yes in My Backyard legislation was first introduced in 2019, but was put on hold because of the pandemic. It addresses the national housing shortage by encouraging local policies that will increase affordable housing, including changes to zoning restrictions in single-family neighborhoods.Republican Senator Todd Young of Indiana and Democratic Senator Brian Schatz of Hawaii reintroduced the YIMBY Act a few weeks ago. (1) YIMBY is a reaction to the well-known NIMBY concept for Not in My Backyard. Inside the YIMBY bill is a list of 20 policies that local governments or states could adopt to increase housing affordability and availability.HUD Block Grant FundingAlthough the bill doesn’t mandate the adoption of these policies, it requires the elimination of discriminatory land use policies and affordable housing barriers before jurisdictions receive HUD block grant funding. To qualify for the annual grants, jurisdictions would have to submit reports to the U.S. Housing and Urban Development at least once every five years.The reports would identify which policies a jurisdiction has implemented or is in the process of implementing and how they are being implemented. For the policies that are not being adopted, the jurisdictions must explain why that can’t happen. A similar bi-partisan bill was passed in the House about one year ago, in March 2020. That legislation also included a policy list that is basically the same as the one in the Senate bill. Policies in the YIMBY ActAt the top of the list are policies that would increase housing density in single- and multifamily neighborhoods. One policy also targets single-family neighborhoods exclusively by proposing they be zoned to allow duplexes, triplexes and fourplexes. Another one encourages zoning that allows the subdividing of single-family homes into duplexes. The bill also proposes that zoning rules include manufactured homes and prefabricated structures.Other entries on the list encourage multifamily development in retail, office and light manufacturing areas, single-room occupancy development within multifamily housing, smaller lots, and fewer buildings that are protected by historic preservation codes. The legislation also wants to see easier and faster permitting for affordable housing projects, the elimination of off-street parking requirements, and the conversion of empty office space to apartments. (There may be plenty of empty office space for that last one, if companies don’t bring all their employees back from their remote work positions.)Both lists include the lifting of restrictions on accessory dwelling units for single-family properties. And the Senate bill trades the last four policies on the House bill for two others which include the legalization of short-term home rentals and the legalization of home-based businesses.The four House policies include bonuses for housing density, fewer height restrictions on buildings, tax abatement for higher density developments, and the donation of land for affordable housing development.YIMBY Support from Housing GroupsMore than a hundred affordable housing groups just sent a letter to Senate lawmakers in support of the YIMBY Act. (2) It says in part: “The YIMBY Act is vital for encouraging communities to build more affordable and market-rate housing. This need will only grow as the country recovers from the economic and public health impacts of COVID-19.” It says the legislation is: “An essential first step in decreasing barriers to new housing at all price levels.”All the big real estate and mortgage groups signed on to the letter, along with many smaller state and local organizations. The Washington D.C.-based National Housing Conference was one of them. President David Dworkin told HousingWire that local governments are often given money for affordable housing but don’t end up putting it to its best use because of NIMBY opposition. (3) He says, instead, local offi
Released:
May 29, 2021
Format:
Podcast episode

Titles in the series (100)

Don’t get caught off guard by market crashes that can take all your money down with them. And don’t miss out on markets where you can build wealth practically overnight. Real Estate News for Investors with Kathy Fettke is the premiere source for savvy real estate investors who want the edge. Stay up-to-date on new laws, regulations, and economic events that affect real estate. Topics include: market trends, economic analysis that affects housing prices, updates on the best rental markets for investing in single-family rentals or multi-unit rentals, turn-key housing standards, the fate of the highly revered 1031 exchange and other tax law affecting investors, self-directed IRA investing and 401k changes, where rents and property values are rising or falling, flipping risks, new Dodd-Frank rules regarding private lending and financing standards, areas with job losses vs job growth, areas that are overbuilt or over-supplied versus areas with low supply and high demand, and how to avoid real estate scams. We'll bring you the latest reports from organizations like the National Association of Realtors, Realty Trac, Fannie Mae, Freddie Mac, Zillow, Trulia, Redfin, Rent Range, Property Radar, the Norris Group, Peter Schiff, Robert Kiyosaki’s Rich Dad, Suse Orman, Bigger Pockets, Dave Ramsey and more. And we'll help you interpret the data in terms that make sense for your real estate goals, and portfolio. Grow and protect your wealth by staying on the forefront of economic data analysis, expert opinions, innovative investing strategies and profitable investment opportunities. We'll share all the top real estate news stories and the best trade secrets investors should know, so you can stay ahead of the curve and make fully informed real estate decisions. Host Kathy Fettke is Co-CEO of the Real Wealth Network, author of Retire Rich with Rentals and host of the Real Wealth Show on iTunes. She brings decades of media and real estate investing experience, offers her own viewpoints on particular topics, and taps into her network of real estate experts for real world news updates created just for investors like you. Get the real news on real estate on The Real Estate News For Investors Show!