Federal Low-Income Housing Tax Credits Aren't Helping Low-Income People

New Geography reports:

One reason construction is more expensive in Seattle is that Seattle has an urban-growth boundary that has driven average land prices to $1.3 million an acre, compared with under $300,000 an acre in fast-growing urban areas that have no urban-growth boundaries such as Atlanta, Houston, and Raleigh. Yet none of the non-profits that build low-income housing in Seattle make any effort to repeal the state’s growth-management law, which has more than doubled inflation-adjusted rental rates in Seattle since it was passed in 1990. Why should they, when high housing costs increase the demand for their projects?

An article worth your time.