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1 1 (2016)

handle is hein.amenin/aeiactv0001 and id is 1 raw text is: Economical Rental Housing by Design for Communities That Work Tom White, Charlie Wilkins, and Edward J. Pinto American Enterprise Institute International Center on Housing Risk' Introduction This paper advocates for a market-rate, unsubsidized approach for producing economical rental housing largely intended for service and line-production workers-workers that account for 38 percent of national private and public jobs. The paper includes primers on rental housing economics and policies and a report on efforts thus far to implement our recommendations. The authors will be updating this paper as the first developments move forward and as we acquire new information. At a later date, we intend to broaden our scope to include ownership housing. In this paper, we make the case that (mostly local) regulation of apartment development is misguided and has harmed workers and their employers-and thus has also harmed the local economy in general. In making our case, we do not suggest that local governments are perversely motivated, that voters are venal, or that local officials are incompetent. Rather, we recognize that the status quo exists because political actors created it in the belief that it would be a good system. As is often the case, such political and policy efforts had unintended consequences. The reality is that the existing system disproportionately benefits existing homeowners, disproportionately harms workers who need economical rental housing, needlessly drives up the cost of economical rental housing, makes it more difficult to launch new local businesses and expand existing local businesses, and harms the locality's potential for economic growth. We wrote this paper in the hope that local governments that are concerned about these workers and that want to stimulate local economic growth would embrace the policy changes we suggest in recognition of the broad-based benefits of a greatly increased supply of market-rate economical rental housing. 1 This paper has been prepared for the first AEI conference on economical housing by design. The first conference focuses on rental housing and is sponsored by the National Multifamily Housing Council (NMHC). The views and opinions expressed in this article are those of the authors alone and do not necessarily represent those of the American Enterprise Institute or the NMHC. 1

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