Rebecca Picciotto

Yeah.

So lots of local jurisdictions are experimenting more with building housing, much more than they did a generation ago.

As you saw in Menlo Park, lots of these...

local areas are trying to figure out how to balance incentives versus regulations.

For instance, in Minneapolis, Minnesota, we've seen that city successfully usher in a huge wave of new apartment construction with the passage of its Minneapolis 2040 plan.

This is basically a 20-year housing plan to ease a host of different zoning restrictions, eliminate single-family zoning and parking minimums and

make it easier to build near transit.

We've seen similar success in New York City with the City of Yes rezoning, which is widely considered one of the most comprehensive overhauls of the city's zoning program in decades.

So you're seeing success, especially when it comes to relaxing some of these age-old zoning laws.

And you're also seeing some of these experiments

have unintended consequences.

In Portland, Maine, developers have actually slowed down their building, and they credit that at least partly because of the city's, quote, inclusionary zoning requirement.

And as interest rates and construction costs rise, developers are now saying that these affordability requirements have become financially untenable.

Yeah, I mean, one of the most common routes we've seen so far has been this approach of lighter touch density, allowing for more duplex construction or allowing for more accessory dwelling units on properties, adding to the housing stock without fully transforming what a neighborhood looks like.

And California has made a huge push to ease restrictions to build those ADUs.

It's something that allows you to circumvent this aesthetic divide.

pushback that you might get if you're trying to build an apartment building.

This lighter touch density approach works best and most effectively in places like Wichita, Kansas, where you have large stretches of land that people are able to build on because this allows developers to manage the increase in their construction costs, build two homes on one lot, get two streams of revenue where they would have previously only had one.

Yeah, I mean, there are many reasons.

Many of these reasons are the ones we've heard for decades.