In a bid to encourage developers to build more affordable housing, the Fremont City Council has launched a two-prong approach that will dig deeper into the pocketbooks of those who don’t and give some breaks to those who do.
The Council is hoping developers will choose to skip payment and build affordable housing
By increasing the fees that go into a special account reserved for eligible affordable housing projects, the council is hoping developers will choose to skip the payments and instead build the units themselves.
Otherwise, the developers will see their affordable housing in-lieu fees rise from $26 per square foot for houses and $27 for townhouses to $44 per square foot for both, starting on Jan. 1, 2024. And the fees would have been even higher if two council members got their way. At last week’s council meeting, Vice Mayor Yang Shao and Councilmember Jenny Kassan suggested increasing the in-lieu fee for townhouses to $50.
“This is an amazing opportunity we have,” Kassan said. “We don’t do this often at all, and we have a horrible housing crisis throughout the entire country.”
But the majority of council members said that’s too much. Read more