Louisiana Senate OKs Effort to Promote Affordable Housing and Property Rights
LOUISIANA REALTORS • April 9, 2018
Louisiana senators approved Monday night legislation that would assert state authority over local zoning efforts to create affordable housing. Currently, Louisiana allows municipalities and parishes to pass inclusionary zoning ordinances to promote the development of affordable housing. Inclusionary zoning requires housing developers to sell or rent a proportion of their units below market rate, regardless of the economics of a project or whether the developer receives just compensation.
Senate Bill 462 would instead allow municipalities and parishes to offer VOLUNTARY economic incentive policies to promote the development of affordable housing.The measure was approved on a vote of 26-11. SB462 would replace the term “inclusionary zoning” with “voluntary economic incentive policies,” which will allow parishes and municipalities to incentivize affordable housing opportunities by limiting regulatory burdens on the housing industry.
State Sen. Danny Martiny, the Metairie Republican who sponsored the measure, pointed out that a similar bill was approved last year by the state Senate, then was sidelined in the House on promises that the New Orleans City Council would address the issue.
Louisiana REALTORS has been working with homebuilders, developers, and other entities to follow this issue. Members were alerted with a Call for Action over the past couple of weeks and over 700+ responded by contacting their senators. The legislation now heads to the Louisiana House for consideration and we encourage members to stay engaged on this issue.
Portions of this post were taken from an article originally published in the Advocate
-
by Mark Ballard on April 9, 2018
Louisiana REALTORS® welcomes SpaceX’s announcement of a more than $100 billion investment to build its largest launch facility in Vermilion Parish, recognizing the historic project as an opportunity to create thousands of jobs while generating significant demand for housing, construction, infrastructure and commercial development across the Acadiana area and Louisiana. According to Louisiana Economic Development, the SpaceX project is expected to create more than 3,000 direct new jobs over the next 10 years, with an average annual salary of $92,600, as well as more than 8,100 indirect jobs. The project is also expected to generate 34,516 construction jobs at peak construction. For Louisiana REALTORS®, the significance of the investment extends beyond the jobs created at the SpaceX campus. Major economic development projects bring new workers, families and businesses to Louisiana, creating demand for homes, rental housing, commercial properties and the infrastructure necessary to support growing communities. “An investment of this magnitude creates opportunities that reach far beyond the project itself,” said Norman Morris, Chief Executive Officer for Louisiana REALTORS®. “Thousands of new jobs mean more families looking for places to live, more businesses needing space and more construction activity to support that growth. Louisiana REALTORS® welcomes this investment because a strong economy and a strong housing market go hand in hand.” The planned SpaceX campus is expected to become the largest spaceport in the world, with capacity to support thousands of launches annually. At full buildout, the site is expected to include five launch complexes with two launch pads each, propellant facilities, power generation, vehicle processing and residential housing for employees and their families. Construction is expected to begin in 2027, with initial operations targeted for 2030. The construction component alone represents a significant opportunity for Louisiana's workforce and businesses. LED estimates that the project could support more than 34,000 construction jobs at peak construction, while SpaceX has joined Source Louisiana to provide Louisiana suppliers, contractors and service providers with a pathway to compete for project-related opportunities. “Louisiana has an opportunity to make sure this historic investment translates into lasting opportunities for Louisiana families and businesses,” Morris said. “That includes having enough housing available for the people coming to work here and creating an environment where builders, developers, contractors and real estate professionals can help meet the needs of growing communities.” Louisiana REALTORS® supports continued efforts to prepare Louisiana communities for the growth associated with major economic development investments. Ensuring adequate housing supply, encouraging responsible construction and development and maintaining infrastructure are essential to making Louisiana an attractive place for businesses, workers and families. SpaceX’s investment adds to a historic period of economic development in Louisiana and further establishes the state as a destination for advanced industries, manufacturing, technology and aerospace. LED describes the project as positioning Louisiana as a global hub for next-generation aerospace and a new center of private spaceflight activity. “Louisiana REALTORS® is excited to see what this investment can mean for the future of our state,” Morris said. “When Louisiana wins major economic development projects, our communities have the opportunity to grow with them. We want to see that growth supported by quality housing, strong communities and opportunities for Louisiana businesses.” Louisiana REALTORS® welcomes SpaceX to Louisiana and looks forward to the opportunities this transformational investment can create for Vermilion Parish, Acadiana and communities across the state. Enjoy the video below from the Louisiana Department of Economic Development .
Explore technology investments that help Louisiana real estate agents stay organized, strengthen client relationships, and market more effectively.
Selling a home in Louisiana? See how an experienced real estate agent helps keep your transaction on track from offer acceptance to closing.
