MSU’s Land Policy Institute has announced survey results on placemaking and the housing industry. With grant money from the National Association of REALTORS®, the LPI asked developers, bankers, and local officials about their perceptions of placemaking and its impact on the housing industry, and about the barriers that impede implementing placemaking projects.
Good news for placemaking advocates like the Center for 21st Century Communities (21c3), most developers and bankers “strongly agreed that supporting placemaking needs to be an important part of Michigan strategies to create high-impact economic activity attraction.” Local officials across the board are largely behind it. 95% of those surveyed think it is good for “economic development.”
However, over half of surveyed bankers think placemaking projects are at least somewhat financially risky. The survey identifies barriers and reveals that the case for championing placemaking strategies is not cut and dry.
It is complex, for example, according to the results placemaking has “the ability to increase home values. Yet, certain placemaking features...are bound to create housing affordability challenges for several sectors of the workforce,” the LPI states.
The full report is due out later this year.