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C~ ~ ~ URBAN LAND INSTITUTE PROGRAM: HOUSING STRATEGIES IN A NEW ECONOMY By: Amber G. Miller, Planning Manager Background: On June 17, 2010 Planning Staff attended the 2°d Annual Housing Initiative Conference, the topic of which was Housing Strategies in a New Economy. There were five speakers who presented. One of the presentations was a report from the Urban Land Institute ("ULI") "Housing in America, The Next Decade" by John McIlwain. This report cited several statistics which were referenced or concurred with by several of the other speakers. This report is attached for your review. Observations: There were many important trends presented both from the report and other sources that should be discussed in light of pending development activity in the COR area. There are some real opportunities for the City, if we are properly positioned when the economy turns around. While it would be beneficial for everyone to review the entire report, Staff recognizes that may not be possible for everyone. Therefore, Staff has summarized some information from the report and presentations that is especially important that Council may wish to consider. Additionally, please recognize these are national trends and there may be local nuances that are not necessarily captured without further study. - As popular as many 24/7 cities have become, there are many people who want a more urban lifestyle but want to stay close to their friends in the suburbs, do not want to live in the big city, or simply cannot afford to live downtown. These people will be looking to live in suburban town centers that can provide real urban amenities-namely, a wide mix of housing, stores, and services; a vibrant, diverse community of people; and an attractive walkable central area. Those areas that have good public transportation within them and transit links to the city and other parts of the region are likely to be the most successful. For these reasons, there will be an enormous market for more urban lifestyle within the suburbs. - Economic recovery will be driven by drop in unemployment, increase in private sector payroll; not by housing, but by JOBS! Primarily in the service industry. - The existing stock of executive style housing should be sufficient to satisfy the need for the next several years of demand. - Generation Y is a more mobile generation. To get members of generation Y to buy their first home, builders will need to offer starter homes in large numbers at low prices-meaning homes that are small, simple, and on small lots, but are well design and built to green energy standards. This generation is looking for more amenities but on smaller lots in walkable, pedestrian friendly communities, with gathering places. Because of the issues with credit and return on investment, they will need to be in a home 10 years to make it worth their while, which means they will rent for a longer period of time before buying. - There is a major opportunity for developers with new outer-edge communities with real town centers and urban amenities. A compact, walkable lifestyle that is affordable will be attractive to income-constrained young families, especially if there are transportation alternatives. - For those communities without town centers, there is a preference for older close in suburbs with more compact design and less expensive suburbs rather than low density fringe suburbs.