Salt Lake City's three mayoral candidates have competing views on how to make Utah's capital more affordable.
Mayor Erin Mendenhall says investing in private development has brought results. Former Mayor Rocky Anderson says it merely lines developers’ pockets.
Mayor Erin Mendenhall says her team has invested more in affordable housing than all prior administrations combined with an approach that yields the city a high return on investment. The mayor says this type of investment brings a good bang for the city’s buck because it takes advantage of private investment to serve a public need. Being a minority investor in large projects, she contends, helps the city get more units than it can by going it alone.By taking total control of a development, Anderson says, the city would be able to set rents at rates that would not be influenced by market forces. It also would allow the city to control the appearance of buildings.
On top of that, she says, Anderson’s plan is far too costly. She contends it is 18 times more expensive for the city to build housing from the ground up and eight times more expensive for government to retrofit an existing building.Mendenhall’s campaign arrived at that 18x number by dividing the administration’s housing investment by the rough number of units created under the mayor’s watch to arrive at a cost of $13,750 per unit.
”Of course, you’d get some cash flow on these units after they would be completed that would go back into government coffers,” she wrote in an email, “although it would not likely be enough to cover a ‘reasonable’ return on investment.”
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