Did you know that housing density could serve to not only make housing less expensive, but help save the planet, too? This information comes from a newly released study.
"Right Type, Right Place: Assessing the Environmental and Economic Impacts of Infill Residential Development through 2030" represents the first comprehensive academic study of its kind. It was commissioned by Next10 (http://next10.org/right-housing), which is focused on innovation and the intersection between the economy, the environment, and quality of life issues.
Developed at the Terner Center for Housing Innovation and the Center for Law, Energy, and the Environment at UC Berkeley, the study asserts that building new homes on infill properties will spur economic growth, reduce household costs, and cut greenhouse gas emissions. Infill properties are defined as properties in already dense urban or suburban areas that are underused or vacant.
The study examines the effects of three development scenarios: "business-as-usual" where development follows the same pattern as it did from 2000 to 2015; "medium" infill which includes more infill and multifamily units; and "target" where all development occurs in infill areas.
The study advocates for the "target" scenario, estimating an increase in economic growth of $800 million per year in California compared to the "business-as-usual" scenario.
Researchers also predict that the "target" scenario will lead to a 1.8 million metric ton reduction in greenhouse gas emissions, the equivalent of taking 378 cars off the road. Infill development promotes more walkable neighborhoods resulting in decreased driving costs and lower utility bills, saving renters $312/year and homeowners $156/year.
Carol Galante, faculty director of the Terner Center, says the target infill scenario can only occur with "some additional policy changes at the local and state levels." Their recommendations include changing zoning to allow for more multifamily use, increasing allowed density, reducing parking requirements, and investing in public transportation.
The report also notes, however, that achieving this level of infill development will not be easy, because it will require policy changes at the local and state levels.
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
