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Irvine will require developers to build affordable homes as a condition of the new "Inclusionary Housing Ordinance". The mandate requires developers of new residential projects either include affordable housing on-site OR pay punitive fees.
This is another huge fail for California government control of manufacture and distribution of goods and services (socialism).
I'm not a developer, but if I were, I would build real estate where it was more profitable - not in some socialist town that will punish me for sacrificing profits for DEI nonsense. I would build in a city that doesn't punish developers for building new housing.
This is a really dumb move by the City of Irvine. When developers take their business elsewhere, I suspect that the City of Irvine will repeal this idiotic ordinance.
Irvine used to be a beautiful city. Now they are forced to deal with high-density housing, and the crime which will inevitably follow - driving property values down.
Socialism sucks.
source: https://www.cityofirvine.org/affordable-housing/frequently-asked-questions
This is another huge fail for California government control of manufacture and distribution of goods and services (socialism).
I'm not a developer, but if I were, I would build real estate where it was more profitable - not in some socialist town that will punish me for sacrificing profits for DEI nonsense. I would build in a city that doesn't punish developers for building new housing.
This is a really dumb move by the City of Irvine. When developers take their business elsewhere, I suspect that the City of Irvine will repeal this idiotic ordinance.
Irvine used to be a beautiful city. Now they are forced to deal with high-density housing, and the crime which will inevitably follow - driving property values down.
Socialism sucks.

source: https://www.cityofirvine.org/affordable-housing/frequently-asked-questions