Like all markets, pricing within the Orange County housing market reflects numerous factors of supply and demand. Property and land are unique in that availability and supply can be restricted by such means as zoning regulations and the provision of infrastructure. Given this fact, public officials play a role in affecting the market price of housing through policy. Likewise, market factors, such as income driving demand, the costs of production, and the availability of capital and lending, all affect levels of supply. Provided that public officials are aware of larger market factors and that the interplay of home builder and home buyer is understood, there are several approaches by which public officials and the business community can positively impact the affordability of housing without negatively affecting existing property values or market equilibrium.
The purpose and use of workforce housing initiatives are driven in part by the following principles:
As a guide to acquaint the user with how the toolkit can be utilized, there are numerous factors to weigh in considering which types of new development or policy steps should be undertaken.