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Two housing bills could change the Valley market, one expert says

PHOENIX – Two housing bills that Arizona Gov. Katie Hobbs signed last week could increase affordable housing options, a Valley real estate expert said.

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

“I think the only bill that matters is House Bill HB2721,” Stapp said KTAR News 92.3 FM’s The Mike Broomhead Show on Thursday.

This law will prevent cities from discouraging the development of mid-rise housing. That term refers to duplexes, triplexes, fourplexes, townhomes on zoned single-family lots.

“I think this could have a very positive and much more important effect than the casita law,” Stapp added.

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

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.

“Many of these smaller lot developments are not being done by the big house builders. A lot of them are being chased by smaller developers,” Stapp said.

HB2721 allows for new developments of 25 acres or more, he added. Essentially, this means more developers can pursue small-scale projects.

“We need more people developing more homes with greater diversity so we can provide opportunities for a wide range of residents,” Stapp said. “I think that’s one of the impacts that this 2721 will have.”

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