Inclusionary zoning ordinances and density bonuses—also known as "below market rate" (BMR) housing programs—can negatively impact the community. These affordable housing programs reward developers who earmark a percentage of new homes or condos for those in the low and moderate income brackets by letting them increase density, build taller structures and curtail open space and parking requirements. This can lead to over-crowding and infrastructure headaches for residents in the area.
But "below market rate" (BMR) housing programs are arguably problematic for other reasons. They are inherently unfair, hurt both market-rate and BMR property owners, rely upon an unfounded evaluation of the home ownership situation, and erroneously see the solution to the housing "crisis" as the weaving of a paternalistic safety net across America.
Nets are vital for hairy high-wire acts, but unnecessary—even deleterious--for the recipients of "below market rate" housing programs, who can earn as much as $126,000 per year in parts of Northern California. A New York Times article tells of Marin County woman who "likes nice things: fashionable clothes, dinner out with her husband, a private school for her daughter (and has a household income of)... $111,000," but is unable to buy a home without a 30% "inclusionary zoning discount" in her neighborhood of choice, where properties sell for as much as $1.8 million a piece.
This story and the thousands like it amount to an emotional assault on the millions of homeowners who had to make sacrifices (and still do)—forgoing private school tuition, vacations, restaurant dinners and the ability to live in their preferred neighborhood—in order to get into a condo or home. To afford the payments, they may rent out a guest house or share the premises with a "buying partner," such as a relative or friend. In the more expensive real estate markets, they may allocate as much as 50% of their incomes for mortgage payments and acquire a "stated income," "no ratio," or "no doc" loan in order to get bank approval in the first place. Many purchase with little to no down payment because they have no real savings. To know that Uncle Builder and Uncle Sam are handing money to others, especially those with higher incomes, is nothing short of insulting.
"Below market rate" housing programs can assist those who earn up to 120% of the median-income for the area. In Atherton, California—the zip code with the nation's highest median income—this would translate into home-buying subsidies for those who make $240,000 per year. In addition, BMR programs are prone to abuse by investors who hope to shimmy down a loophole.
"Below market rate" housing programs amount to more than an emotional assault: they arguably attack the pocketbooks of everyone. According to the Reason Foundation, a nonprofit that has extensively studied affordable housing issues, BMR programs "increase(s) the cost of market-rate homes in a typical city by $33,000-$66,000 per unit" because developers raise the prices of regularly priced properties to compensate for their losses on the low cost ones. This means that average home-buying Americans may be subsidizing their so-called needy, but oftentimes wealthier, BMR neighbors.
It seems these "needy" BMR neighbors--who initially bubble like lottery winners—are not so lucky after all because affordable housing programs, almost without exception, impose heavy resale restrictions on their new owners. BMR owners cannot obtain much, if any, equity from their new purchases for a period of time—usually between 15-60 years, depending upon the rules of the locality and program. In parts of Vermont, price controls stay in place for 99 years.
BMR owners have less incentive to upgrade their properties because it is questionable—at least in some parts of the country—whether they will be able to recoup fix-up costs. They cannot access their equity for emergencies or better investments. If they get a raise, the higher income may disqualify them from retaining the property. They cannot sublet or move out without becoming ineligible for the program, and they cannot sell to a relative or friend because the city or county gets first right of refusal at the reduced sales price. If the city or county declines, the property goes to the next BMR buyer on the waiting list.
Unless BMR buyers can weather the lengthy resale restriction periods in their "property prisons," they will have to initiate the buying process again only to find themselves in a less favorable position since home prices tend to increase over time. BMR buyers may realize they have erred by unnecessarily delaying the opportunity to accumulate equity like market-rate owners. As a Los Angeles city planner says, "These programs are not for those who want to build wealth."
"Not for those who want to build wealth" are words that express a vote of "no confidence" in the BMRers' ability to stand on their own two feet. Providing crutches for those without broken bones—since most BMRers could be market rate buyers—leads to chronic impairment because when healthy parts are not used, they become weak.
BMR programs effectively lock the door to real homeownership after giving the "needy" a deceptive weekend playing house. It is like the parent who sneaks an Easter egg into a child's basket and smiles, "look what you have," only to snatch it back and give it to another child.
BMR programs will no doubt become more popular as government continues to obsess over affordability statistics rather than consult with real life experts—real estate agents and lenders—who get low and moderate income clients into properties "all day long" in some of the most expensive real estate markets in the country.
When USA Today reports that "the minimum household income needed for a median-priced home at $495,000 (is) $115,910," it is incorrectly assumed that someone with a $55,000 income cannot buy the property.
Government must shed myths that housing is unaffordable and scarce. Potential buyers must be empowered with avenues for property investment, rather than coddled and saddled with wealth-deflating options.
The threats against current homeowners--whether related to high density or the subsidization of BMR buyers—must end. Government should trust in supply and demand and use available resources to clean up lower density, crime-invested neighborhoods where the market would naturally produce a less expensive product.
A BMR program is an RBM (really bad mistake), so use caution when you enter an affordable housing zone.
Great article!
Bob
Posted by: San Diego real estate | December 13, 2005 at 08:33 PM
Charlotte,
Something you mentioned in your post stuck with me. "Government must shed myths that housing is unaffordable and scarce. Potential buyers must be empowered with avenues for property investment, rather than coddled and saddled with wealth-deflating options."
First, I don't think that it's just government that is at issue here. We're talking about the perceptions of individuals. A substantial number of people believe (whether accurately or not) that they're unable to buy a home.
Los Angeles is largely a city of apartment dwellers. There are fundamental differences between renting an apartment and buying a home. Even if someone can afford a home, it's easy to become overwhelmed when a condo that used to cost $200,000.00 now costs upward of half a million. Rent is easy. Home ownership is intimidating.
Since the numbers are unlikely to move downward, part of the shift is going to have to be the individual perceptions. I'm not implying that everyone, or hell anything even close to a majority, can afford to buy a house. But those that can and don't know it, need to be educated on what the numbers really mean. A strong understanding of finances is essential, and many still don't have it. I don't see how government can effectively do much about that.
You mention, "Potential buyers must be empowered with avenues for property investment" in your post. Any ideas?
Posted by: S Blackmoore | December 14, 2005 at 06:42 PM
S Blackmoore,
I am writing this quickly... so pardon any errors....
I think you are 100% correct that perception is the problem. I am not blaming government, but think government, Realtors and Realtor organizations should work together to help buyers get into homes and condos.
Why isn't more done about "perception"? I think it is because Realtors start out in the business not knowing much. This is when they typically work with "first time buyers." As they gain experience and learn about "creative solutions to buying property," (i.e. "no ratio loans," renting out a guest house, partnerships, etc.) they are less likely to work with "first time buyers." Now they are more interested in savvy buyers and listing higher priced properties. It is not intentional on their part, but as they get more experienced, they realize that holding the hands of "first time buyers" can be time-consuming and draining on the pocketbook. I read once that the average income for a Realtor nationwide is $40,000. Some agents do very well financially, but there are many who make little money and who do not even own a home of their own. In most real estate offices (even in L.A.), there are a handful who make a really good living. It's like the acting biz.
I personally love to work with "first time buyers" because I am able to live vicariously through the experience with them. But because I have so many clients and only a limited amount of time, I find I work almost exclusively with people I call "investors." Now these are not typically wealthy people: many of my "investors" have incomes around $50,000 - $70,000 per year, but "flip property" with me. Some of them are unemployed (except for the profits from "flipping.") One is a construction worker with a wife and child who makes $60,000. Another is a police officer who supports a spouse. Another is unemployed. Another owns a small shop. Some of them buy rentals instead, then sell the rentals after a year or two. "Investors" are easier to work with than "first time buyers" because they understand how "buying" works, do not get nervous, and they trust me. Many will write offers without seeing the property (although I discourage this) – based only on my belief that they can make money. Most buy with zero percent down or 5% down. The loans do not require tax returns or income verification. All that is needed is a good credit score, some closing costs (often as low as $5000) and an appraisal on the property. Some of my "investors" are new at this; others have become quite wealthy from the process. The aforementioned police officer now lives in a million dollar home in Encino and bought two rental homes this year. We started her out in a small $130,00 condo in Van Nuys a few years ago.
I just bought a home myself two months ago. I would not qualify; I obtained a "no qualifying loan," as I have always done. I do not "qualify" for any property I own. My first home was bought with no job and a newborn baby 18 years ago (before I was a Realtor). Few of my clients "qualify" in the technical sense. So when I read articles that incorrectly report how a high income is needed to purchase and when I hear Mayor Villaraigosa say that only 12% of people in L.A. can afford to buy, I shake my head. It is true that some might not be able to buy in L.A., such as those with poor credit and those who make very little money (i.e. $25,000 per year), but many could buy. They are simply unaware of their options.
Don't misunderstand me: affordable housing programs can be good for some people: namely, for those who do not want to build wealth. (i.e. someone terminally incapacitated or an elderly person who has no plans to move.) But for people who want to build wealth, I would advise them to stay away from "buying" programs associated with Inclusionary Zoning and SB 1818. Within the past week, both an L.A. City Planner and a representative from CRA agreed with my analysis: that people who want to make money should not participate in these programs. It was clear that they were assuming low and moderate income folks would not be able to help themselves. "First time buyers" may not realize that they could be hurting their financial future by getting the affordable housing discount now.
I was told yesterday that the L.A. Housing Department has raised the income that qualifies for one of these programs: it is now just under $100,000 (although I have not verified this with the Housing Dept.). Many of my clients make half that, so again the subsidy seems unnecessary. I was also told that a person can own rental property and qualify for the IZ discount--as long as they do not receive much profit from the property(ies). I found this surprising.
I think the solutions are: 1) education for buyers and the public, coupled with programs (not paid for by taxpayers) that put people into market-rate homes. Realtors and Government can help with this. I understand there is a new nonprofit that gives homeownership classes for those looking to get IZ subsidies. I want to find out what these first-time buyers are being told. I am curious as to whether they are being informed about how to get into market-rate housing. 2) I understand CRA and other groups give soft seconds to some low and moderate income buyers. This means the second is recorded, but there are no payments. The loan does not have to be paid back until sale. I think this is great. 3) I support vouchers for the truly needy (something along the lines of Section 8). This way incomes can be properly screened.
Posted by: Charlotte Laws | December 14, 2005 at 08:26 PM
Do you edit out comments you don't like?!? I posted here a few weeks ago, and my critical comment is gone. Way to have an open debate!
Posted by: Valley Denizen | January 03, 2006 at 08:46 AM
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Posted by: Marek | February 16, 2006 at 03:46 AM