The Somerville Community Land Trust is having its Fall 2020 Launch event (virtually) on Saturday, November 14th, at 11am. Everyone is welcome to attend to discuss this innovative and fundamental solution to having more affordable housing.
Lack of affordable housing is a difficult problem to solve. For example, granting more permits for developers to build while requiring 20% of their new housing to be classified as affordable does get us more units of affordable housing, but it also accelerates gentrification by raising the rental and purchase prices near the development.
Community land trusts are a great solution that creates more affordable housing out of our current housing stock while also slowing gentrification. How does it work?
The Community Land Trust buys the land under the house while the buyer buys the house itself. In Somerville, more than 2/3 of the price of housing is the value of the land. If you have identical houses in Somerville and in Detroit, you’d pay a lot more for the house in Somerville because of the location. The Somerville Community Land Trust can buy existing housing (not favoring developers or raising nearby land prices) to convert more of our housing stock into permanently affordable housing.
Join them on November 14th!