Real estate expert says 2 housing bills governor signed could change Arizona market

May 31, 2024, 4:35 AM

Two housing bills could change Valley market, expert says...

Gov. Katie Hobbs signed two housing bills into law last week. (File photo courtesy of Habitat for Humanity)

(File photo courtesy of Habitat for Humanity)

PHOENIX — Two housing bills Arizona Gov. Katie Hobbs signed last week could increase affordable housing options, according to a Valley real estate expert.

Mark Stapp, the executive director of W.P. Carey’s Master of Real Estate Development Program at ASU, feels hopeful about at least one of the new laws.

“I think the one bill that is significant was House Bill HB2721,” Stapp told KTAR News 92.3 FM’s The Mike Broomhead Show on Thursday.

This law will stop cities from discouraging the development of middle housing options. That term refers to duplexes, triplexes, fourplexes, town homes on what are zoned single-family lots.

“I do think that that can have a very positive and much more significant effect than the casita bill does,” Stapp added.

The casita bill — HB2720 — may not move the needle as much, Stapp said. This law will require Arizona cities to allow accessory dwelling units on the properties of single-family homes that are within a mile of “central business districts” in cities with populations exceeding 75,000.

How will two housing bills impact the Valley’s market?

HB2721 allows for new developments that serve multiple densities, Stapp said. This is a game-changer because it encourages smaller real estate companies to create homes.

“A lot of these smaller lot developments aren’t being done by the large home builders. A lot of them are being pursued by smaller developers,” Stapp said.

HB2721 allows for new developments of 10 acres or more, he added. Essentially, this means more developers could pursue small-scale projects.

“We need more people developing more homes of wider variety so that we can provide opportunities for a broad swath of residents,” Stapp said. “I think that’s one of the effects that this 2721 is going to have.”

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Real estate expert says 2 housing bills governor signed could change Arizona market