The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Thursday, August 8, 2019
Minneapolis Rejects Single Family Zoning, But Is It Enough to Improve Affordability?
Bloomberg Businessweek reported last week on the adoption of the Minneapolis 2040 plan, which ended single family zoning in the city. While single family buildings are still permitted, now duplexes and triplexes can be built in these neighborhoods as well. Since the passage of the new zoning code, the state of Oregon passed its own ban on single family zoning in cities throughout the state (HB 2001). But while many Minneapolis homeowners believe that the 2040 plan will lead to the destruction of established neighborhoods, developers argue that the new rezoning does not go far enough. Steve Cramer of the MPLS Downtown Council estimates that developers will need to spend $3 billion in order to make up for a decade of underbuilding in the city, as well as an additional $1.3 billion per year to keep up with population growth. Duplexes and triplexes will not enable developers to efficiently bring enough units to market to meet demand. Read more.