Zoning incentives to increase allowable floor area for new stacked flats outpaced the density limits a bit, creating an opening for larger units. While conventional multifamily development is focused on packing more units into less square footage, leading to such innovations as windowless bedrooms, the new rules make designing more spacious flats similar in size to townhouses and ADUs.
With longtime homeowners aging out of the space and responsibility of a single-family detached house, downsizing Boomers and Gen-Xers will be looking to convert some of their equity into a lower-cost, less commitment flat without having to leave their neighborhood. One of the biggest incentives discounts more accessible ‘Type A’ units, great for aging in place, entirely pulling them out of calculations for density, lot coverage, and floor area ratio. With the extra development capacity, maybe we can spring for an elevator and still make it pencil by marginally increasing the sales price of the units.
Flats with more smaller bedrooms, like the three-bedroom units in Case 2, are a good fit given how households are changing. The trend is that more households include either an aging parent or an adult child. That extra bedroom means flexibility and stability for families over time. Concerns about housing affect couples’ decision to whether to have children and family friendly buildings like Cases 1 and 2 can make it less daunting.
Seattle isn’t producing enough ‘starter’ homes to satisfy the demand, locking out those who’d like to step up into ownership and locking in those who’d like to downsize but can’t find anything to move from their single-family house. Building stacked flats works both to create elasticity in the housing market (price reductions responding to supply increases) and flexibility for households changing situations.
We are hearing anecdotally that this scale of building is also appealing to those who would love to work together with friends to co-develop, build, and live together in an intentional community under a co-op or condo ownership structure, but development is a risky venture and few will take the leap.
Case 3: Subsidized Ownership Flats