News from SFAR: Growing housing in Santa Fe
Aug. 6—With Santa Fe County ready to adopt a housing plan to meet its future goals and another city council election on the horizon, it's a good time to highlight the most effective and equitable ways to grow housing here in Santa Fe.
The Santa Fe Association of Realtors® (SFAR) has been a strong advocate for a wide array of city housing initiatives to address housing affordability and stability. SFAR has taken positions and encouraged its members to support:
—overlay Districts to direct growth, like the Midtown LINC (Local Innovation Corridor), that minimize development extractions in exchange for potential new tax revenues
—inclusionary zoning forbearance to increase affordable housing units, like donating lots to Santa Fe Habitat for Humanity to meet requirements
—permitting a fee-in-lieu-of option to grow multifamily units
—using public monies for hotel and motel conversions for both long-term and homeless housing
—rental subsidies to help with housing stability
—relaxation of regulations to encourage an increase in the number of casitas
More recently, to better inform housing advocates and guide housing policies, SFAR has readily offered its housing data to the community through an annual report, https://sfar.com/2022santafestateofhousingrpt/.
In a market in which housing construction costs are escalating, supply chain issues stall plans, mortgage rates fluctuate daily and burdensome regulations continue to constrain housing development, vital work remains to be done. The region's real estate community has embraced recommendations to grow housing that include:
Development of the Midtown corridor and strategic use of available city-owned land to attract projects offering attainable, workforce housing
Strategic use of other city-owned property that can be managed, developed or donated to local housing authorities or nonprofits to better leverage and attract low-income housing tax credits
Other local, federal or state funding; and/or private funding
Alternative paths and a regulatory framework to encourage the repurposing of vacant buildings, motels and hotels for housing
Adoption of city land use staff-recommended actions to reduce the regulatory burden on housing by allowing more administrative approvals and increasing density bonuses for housing projects that provide rent-restricted units, meet LEED/Green standards or earn high walkability scores
Limiting single-family zoning by allowing up to a fourplex on a legal lot of record in most districts
Recognizing the importance of housing-related tax revenues that currently support city government work through substantial real estate, short-term rental and construction gross receipt taxes, as well as levied property taxes, by continuing to allocate $3 million or more annually to housing affordability and stability funding
Encouraging the growth of accessory dwelling units by providing "off-the-shelf" pre-approved construction plans
Lastly, Santa Fe leaders should take concrete steps to eliminate any needless barriers to housing production. These steps will make the area eligible for flexible and attractive funding provided by new, competitive federal grants. For decades, exclusionary zoning laws — like minimum lot sizes, mandatory parking requirements and prohibitions on multifamily housing — have inflated housing and construction costs, locking many families out of communities. To access the full SFAR Growing Housing in Santa Fe report, visit www.sfar.com.
News from SFAR: Growing housing in Santa Fe
