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City plans bold housing strategy to tackle affordability crisis

October 17, 2024 | Troy, Miami County, Ohio


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City plans bold housing strategy to tackle affordability crisis
In a recent government meeting, officials discussed critical strategies for economic development and housing in the community. A key focus was on adapting codes to better reflect the needs of commerce centers, particularly in filling vacancies that may arise. The meeting emphasized the importance of identifying and supporting local industry clusters, with a call for more research into these sectors to enhance retention and attract foreign direct investment.

Housing emerged as a significant topic, with officials noting its impact on workforce availability and overall economic health. The discussion highlighted a deep dive into housing needs, revealing that the average home price has surged from approximately $156,000 in 2020 to nearly $256,000 in 2024 for single-unit detached homes. This increase underscores the urgent need for diverse housing options, particularly for younger residents and those seeking affordable living arrangements.

Officials shared insights from community feedback and data analysis, indicating a strong demand for \"missing middle\" housing—units that cater to a broad range of users. Innovative concepts like micro-units were introduced as potential solutions, designed to maximize space efficiency while remaining market-driven and affordable. The meeting concluded with a commitment to align housing policies with community desires, ensuring that new developments fit seamlessly into the local landscape.

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