This is a good use of money for the common good.
Michael Bloomberg‘s philanthropic organization is bringing funding to 30 cities in hopes of speeding homebuilding reforms.
Bloomberg Philanthropies and nonprofit Accelerator for America will lead a project to give hundreds of thousands of dollars to help cities improve their permitting and approval processes for new housing.
The idea is this.
In a statement, Accelerator for America said they build on ideas developed in three cities—Atlanta, Austin and San Diego—that were effective in improving their building process. The exact donation amount varies from city to city, but each will receive $450,000 to $750,000.
Each of the winners will get help with one of three areas. Some will take aim at using new technology to speed along approvals. Others will work with architects to develop “permit-ready” plans. And others will field a “strike force” to help dislodge stalled housing projects. Within two years, Bloomberg said they expect to see results.
The goal is getting control of this.
A new National Association of Home Builders study this year found regulatory costs have jumped almost 40% in five years and now account for 26.4% of the average sales price of a home. Given the rising median price, that could mean adding $131,000 onto the cost of a new home.
Is there a philanthropy near you that could step in?
