Richmond’s housing supply crisis is an economic development risk (Guest Commentary)

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Last month, when I read Eli Lilly’s announcement of a $5 billion investment in Goochland County, I was thrilled. It’s a major economic development win for our region, bringing 650 jobs to the West Creek Business Park. But it also raised a pressing question: Where are all those new employees going to live?

As of Oct. 1, we’ve only rezoned 837 residential lots across seven counties and the city this year — an alarmingly low number. In the same period, we’ve sold about 2,500 new homes. The region continues to report an insufficient supply of building permits relative to job creation. And what drives new building permits? Rezonings.

By contrast, in the Carolinas, 11 out of 12 regions report a healthy alignment between job creation and housing supply. Rati