City leaders tackle housing crisis with innovative zoning solutions
October 17, 2024 | Troy, Miami County, Ohio
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A significant portion of the meeting focused on housing affordability, with officials transitioning from the term \"affordable housing\" to \"attainable housing.\" This shift aims to better reflect the realities of what residents can afford based on their salaries. The discussion revealed that attainable housing price points are set around $200,000 for purchasing, with monthly rental costs estimated between $1,500 and $2,500. However, developers expressed concerns about profitability at this price range, prompting discussions on zoning code adjustments to facilitate the construction of various housing types, such as condos and townhomes, which could meet these price points.
The meeting also addressed the challenge posed by corporate landlords purchasing residential properties, raising concerns about gentrification and the need for policies that ensure homes are occupied by residents rather than investors. Officials acknowledged the complexity of regulating ownership versus rental properties, noting that while zoning laws can dictate land use, controlling ownership is more challenging.
Additionally, the city identified 2,500 acres of industrial property for future growth, though the willingness of landowners to sell remains a significant hurdle. The conversation underscored the necessity of collaboration between the city and property owners to facilitate development.
As the meeting concluded, officials opened the floor for public comments, inviting community members to share their thoughts on the comprehensive plan, which aims to guide Troy's future development and address pressing housing and economic issues.
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