Affordable Housing in Ann Arbor

Zachary Ackerman, a Democratic representative of Ann Arbor's 3rd ward, is working hard to put forward proposals to build more affordable housing in downtown Ann Arbor. His proposals suggest that the municipal government sell some of its property to generate revenue to build affordable housing units. The city's goal is to build about 140 affordable units every year to eventually have 2,800 new affordable housing units by 2035. One effort to fund these new units was to sell the Library Lot (as pictured above). The lot was to sell for $5 million and that money would go towards building housing units on top of existing buildings. During the last elections, however, the population voted for the city to maintain ownership of the Library Lot and convert it to a community park and civic center. Ackerman is now going back to the drawing board for how to pay for these new units. As students, we've seen a lot of new apartment buildings pop up over the last few years - the Hub, 611, the Yard, etc - but none of these could be considered 'affordable housing units'. Are students driving up the cost of rent for locals in Ann Arbor? What are some possible ways that the city could raise money to meet its goal for 2035?