The Baltimore City Council is considering changing its mandatory affordable housing ordinance. Under the new proposal, developers would be required to reserve a larger share of new units for low-income residents at below-market-rate rents. It would also apply these new affordability mandates to qualifying projects citywide. Developers oppose the new proposal, but so does the city’s Department of Finance. In a memo, the Department warned that the current proposal could discourage new development, jeopardizing future tax revenue, adding “too much risk to the City’s already precarious financial position.” – The Baltimore Banner
