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Many cities in the United States have adopted inclusionary housing programs, which require developers to provide some units at below-market rents or prices. The supporters1 and critics2 of these housing programs agree that, to pass legal muster, inclusionary programs must not reduce project profits below normal levels.3 Local governments, then, must decide whether to offer financial incentives that would compensate developers for the reduced value of controlled projects.
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Johnston et al. (1990) studied this question.
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