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Inflation Down, Rent Stays High

Inflation Down, Rent Stays High

PLUS: Looming Legal Showdown Over NYC’s Congestion Pricing

YIMBYLAND
June 14, 2024 • Read Time: 6 minutes

Welcome YIMBYs!

Summer is officially in full-swing and city council is out on recess. While YIMBY news is slower than usual, I’ve managed to gather some of the top stories this week that impact our cities, neighborhoods and homes.

Want more walkable neighborhoods and affordable homes? Forward the YIMBYLAND newsletter to your friends and family!

In this week’s recap:

Legal Showdown Over NYC’s Congestion Pricing
Inflation Cooling Down, Rent Stays High
Iconic Georgetown's Bagel Shop Fights to Stay Open Amongst NIMBY Opposition
The Impact of Fees: Rethinking Local Revenues for More Multifamily Housing
Justin Trudeau Announces Goal to Legalize Four Units By-Right Accross Canada
Cohousing Craze: Fun, Friends, and Family Under One Roof

THE WEEKLY RECAP

TRANSIT

Legal Showdown Over NYC’s Congestion Pricing

With Governor Kathy Hochul halting New York City's congestion pricing program, transit advocates and officials, led by Comptroller Brad Lander, are gearing up for legal action. This program is vital for reducing gridlock and funding much-needed transit improvements. The delay not only stalls progress but also undermines the city's long-term sustainability goals. Advocates argue that reinstating congestion pricing is essential for cleaner air and efficient public transit, and they are prepared to challenge Hochul’s decision in court. Meanwhile, local transit users and activists are taking to the streets to voice their support for congestion pricing. Unfortunately for Hochul, this saga is long from being over.

HOUSING

Inflation Cooling Down, Rent Stays High

Chart by Jason Furman

Good news for consumers: inflation cooled to 3.3% in May, its lowest annual rate in over a year, thanks largely to declining gas prices. Core inflation also hit a low of 3.4%, unseen since April 2021. However, rent remains a major inflation driver, overshadowing these gains. President Biden highlights this progress while emphasizing ongoing efforts are needed to tackle high living costs like boosting rental assistance and housing development. Despite these strides, the cost of living still burdens many Americans, underscoring the need for vital land-use reform and pro-supply policies.

NIMBYISM

Iconic Georgetown's Bagel Shop Fights to Stay Open Amongst NIMBY Opposition

Call Your Mother, the beloved pink bagel shop in Georgetown, is fighting for its right to stay open amidst complaints from infamous Georgetown NIMBYs. Despite its popularity, including a visit from President Biden, the shop faces backlash from a few residents who argue that the large crowds it attracts create "objectionable conditions". The Georgetown Advisory Neighborhood Commission recently requested the District revoke the shop's permit. While the shop's owner, Andrew Dana, remains confident they will secure a necessary zoning exemption, the outcome of this battle could shape the future of Georgetown's retail renaissance.

HOUSING

The Impact of Fees: Rethinking Local Revenues for More Multifamily Housing

California YIMBY

Impact fees in California, intended to offset development costs, are stifling multifamily housing construction. Local governments often misuse these fees to deter growth, disproportionately burdening multifamily units compared to single-family homes. With the Supreme Court urging stricter scrutiny, now is the moment for reform. Policies like ACA 1, capping fees on a per-square-foot basis, and better enforcement of fee transparency can shift the fiscal burden more equitably, fostering the development of much-needed multifamily housing. Read about the California YIMBY study and their findings.

HOUSING

Justin Trudeau Announces Goal to Legalize Four Units By-Right Accross Canada

For decades, cities only built tall or built sprawl.
We’re changing that — by legalizing four units as-of-right.
— Justin Trudeau (@JustinTrudeau)
4:03 PM • Jun 11, 2024

CITY LIVING

Cohousing Craze: Fun, Friends, and Family Under One Roof

Who said city living can't be cozy and communal? In San Francisco, seven couples, two grandparents, and eleven kids have created a unique cohousing paradise across two buildings. Think private spaces for peace and quiet, but with shared areas for epic game nights, BBQs, and spontaneous dance parties. This setup is turning the urban jungle into a village-like haven where affordability meets endless fun, redefining the future of city living with a playful twist.

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