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Measuring What Matters: A Call for a Meaningful Metric of Affordable Rental Housing Production Cost-Efficiency

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  • Jake Wegmann

Abstract

The metric commonly used in debates and research concerning the cost-efficiency of multifamily rental housing production, total development cost per unit, sacrifices too much analytical power in return for its ease of computation. This article proposes a replacement metric, the subsidy per housing affordability equivalent (SHARE) ratio. This measure is applied to a set of 399 nonprofit-sponsored rental housing developments completed in California over the past decade. Evidence suggests that the use of SHARE would evaluate deeply subsidized family projects and mixed-use projects with commercial space more favorably than total development cost per unit would. The reverse is true for projects restricted to seniors and for those financed with Low-Income Housing Tax Credits.

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  • Jake Wegmann, 2014. "Measuring What Matters: A Call for a Meaningful Metric of Affordable Rental Housing Production Cost-Efficiency," Housing Policy Debate, Taylor & Francis Journals, vol. 24(4), pages 692-716, October.
    • Handle: RePEc:taf:houspd:v:24:y:2014:i:4:p:692-716
    DOI: 10.1080/10511482.2014.944851
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    1. Bardhan, Ashok & Walker, Richard A., 2010. "California, Pivot of the Great Recession," Institute for Research on Labor and Employment, Working Paper Series qt0qn3z3td, Institute of Industrial Relations, UC Berkeley.
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    Cited by:

    1. Ikenna Stephen Ezennia & Sebnem Onal Hoskara, 2019. "Methodological weaknesses in the measurement approaches and concept of housing affordability used in housing research: A qualitative study," PLOS ONE, Public Library of Science, vol. 14(8), pages 1-27, August.

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