Adam McClure 
Member since Dec 30, 2015


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Re: “Oakland Proposes Affordable Housing Impact Fee

The issue with fees at building permit time is that the capital requirements are established for investors when the planning process is underway. Adding fees at the exit rather than setting them at the time you walk in the door is yanking the rug out from developers by changing the rules after they have baked their project proforma. The added risk and cost will have to be compensated by the market or the project will not proceed. The truth is there's no way to subsidize units solely off the backs of developers. The real impact will be even less affordable housing for everyone. Apparently the political kudos earned by catering to housing advocates is the real prize here. Expect rents to go up not down after these fees are implemented and also expect the money collected to get siphoned off to pay for general fund shortfalls. Paul Burton's analysis is mostly correct but it doesn't factor in the rapid increases in cost of construction over that time and shortfalls in revenue when the cycle turns. Expect 20% less market rate units built across the board and 30-40% less anticipated fees collected plus 30% increase in cost to build so the net will be 25% higher rents for everyone and 70 or so affordable units built. Drop in the bucket indeed at significant pain for those the policy intends to help. Schaaf campaigned on eliminating red tape and improving transparency for development. This seems like the opposite.

Posted by Adam McClure on 12/30/2015 at 7:01 PM

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