Developers would pay for only 20 percent of the demand their projects create – so why are we still building so much office space?
The long-awaited Nexus Study documenting how much affordable housing is actually needed for the added workforce of new office developments has finally been released by the city. It concludes that 810 new low/moderate/middle income-affordable housing units are needed for the employees of every 1 million square feet of new office buildings.
The study assumes there is one new employee for every 238 square feet of a new office building, and there are 1.74 workers in each new household. So 2,420 new housing units of all kinds are needed for every 1 million square feet of new office space.
But of course there is another option – STOP BUILDING OFFICE BUILDINGS! Stopmaking that problem – the jobs-housing balance – worse. Use the city’s housing funds for the needs of the city’s existing communities first! It’s time for a fundamental change in the city’s economic priorities. Our People – Not Tech Corporations — First!