Latest Example of Government's Failure To Improve Housing Affordability On It's Own

[Stuart Udis]

The Philadelphia Housing Authority (PHA) recently acquired a 360 unit 12 story multi-family building for $24M and  a local news outlet  reported on the building.  Through PHA sources, the article indicates the renovation will cost $112M, twice the initial budget. I doubt as a society we will ever solve the affordable housing problem our country faces, but there are certainly measures that can be taken to make housing more affordable. This is just the latest case study of how Government is incapable of improving housing affordability on its own. At $377K/door, this building's costs will be nearly 2X what a similar building would trade for in this location.  

Philadelphia has implemented various forms legislation over the years between abatements, land banks and density bonuses geared towards promoting development in areas that suffered from disinvestment and housing affordability challenges with some legislation having been more effective than others.  I'm curious to hear from others across the US what innovative strategies their municipalities have successfully implemented to incentivize development and promote housing affordability through private investment and cooperation.