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REDWOOD CITY 9212 <br /> <br />Economic & Planning Systems, Inc. 35 Summary of Section 9212 Impacts <br />employees. However, as noted in the literature review, the proposed Ordinance <br />may indirectly affect economic development more generally in both positive and <br />negative ways. On the one hand, employers benefit from having workers who can <br />afford to live in the community. Additionally, displacement and housing instability <br />can lead to absenteeism from work, reduced productivity, and higher turnover. <br />On the other hand, the proposed Ordinance may reduce mobility of renters by <br />incentivizing people to stay in place, thereby decreasing the availability of housing <br />for new workers looking to move to Redwood City. <br />Use of vacant parcels <br />The proposed Ordinance is only expected to impact vacant residentially zoned <br />land if there is an impact on new development. This would only be considered <br />likely in the event of the repeal or amendment of Costa-Hawkins. Again, under <br />this scenario, new, market-rate multi-family rental projects would likely be <br />difficult to finance given the prospect of declining real rental revenue over time. <br />However, multi-family rental development might be replaced by higher value <br />condominiums. <br />Impact on agricultural lands, open space, traffic congestion, existing business districts, and developed <br />areas designated for revitalization. <br />The proposed Ordinance would not have a direct impact on agricultural or open <br />space lands. <br /> <br />8.A. - Page 163 of 168 <br />173