by Stephen Wade, Guest Author

Arlington County’s mixed-use development along its public transit corridor has allowed it to weather the financial calamity better than most any other jurisdiction in the country.  The balance of residential and commercial development has kept revenue high as the County is not dependent on only one type of development. This balance is similar to the importance of diversifying one’s retirement portfolio. Diversity equals stability with both retirement investment and economic development.

Along with balancing different types of development, sharing prosperity is another pillar of smart growth.  An equitable economy will provide employers with access to a strong workforce and workers with housing near job opportunities so they don’t have to spend their days and dollars commuting in a depreciating asset that is polluting the air. This can be achieved by providing a balance of rental and ownership housing opportunities.

There is debate in the current stimulus bill about supporting ownership and/or rental housing. Many have argued that the recent push for an “ownership society” has encouraged many individuals and families into homeownership even though it was beyond their financial means. This situation contributed to the increase in foreclosures and the current financial situation. There needs to be a recognition of the importance of rental housing for our economy. Balancing types of development and types of housing can lead to a more sustainable and stable economy.

- Stephen Wade is an urban planner in the Northern Virginia area.