In response to the currently proposed zoning reforms the city has assembled 👉an extensive FAQ👈; I used data from that document as the basis for the 👉"The Myth Of The Out-Of-State Housing Hoover"👈 post. That post lays out the data making it clear that the phenomenon of out-of-state developers collecting housing en masse has not happened here. Beyond laying that NIMBY trope to rest this document contains some particularly interesting nuggets which are worth calling out.
There is a common myth that "out of state" developers, generally from "Wall Street", are hoovering up Single Family Units (SFU). And in the era of free-money-for-those-with-money [interest rates sub-3%] this phenomenon did occur in some places where various other economic factors were in play. That's not in dispute. But, did it happen in Grand Rapids? And is it happening in Grand Rapids? To the data!
On the fourth Tuesday of this month (2024-04-23) the City Commission will be voting on the suite of zoning reforms which have been in development since the joint meeting of the Planning Commission and the City Commission in July of last year (2023).
A key result so far from the process is that the citizens of Grand Rapids understand the need for housing, and are ready for it. In many ways the citizens of this city are out ahead of their leadership, by a considerable distance.
The ZORI is the Zillow Observed Rent Index from, you guessed it, Zillow, Zillow provides a variety of data at their Data page. We periodically check in on the ZORI to see what it says about rents in Grand Rapids.
At the Economic Development Team Meeting the topic of permit-ready plans for infill development was discussed/presented. This also included the conversation of potential financial assistance from the city and/or county for small and new developers. The discussion on this topic begins at ~7 (seven) minutes.
