Lexington’s land-use policies are not causing housing prices to rise faster than prices for the state, nation, or comparable cities (Executive Summary). In fact, Lexington is experiencing considerably less upward pressure on prices than the nation as a whole. (Page 8)

Our land-use policies have not impeded the City’s employment growth relative to our MSA (metropolitan statistical area or surrounding counties) and 18 comparison cities. Research suggests employment growth can continue at high rates even with little developable land. (Executive Summary and Page 28)

If Lexington were to expand the USB, housing prices might decrease slightly, or rise at a slightly slower rate, but the impact on housing prices would likely be temporary. Two years after the 1996 expansion, despite having a significant amount of undeveloped land, Lexington’s housing prices began to increase faster than those in Georgetown, Nicholasville, and Louisville. (Page 9)

While the expansion of the USB might have contributed to the slower price increase in 1997, the effect appears to have been limited to approximately 1 year. (Page 9)

Expansion would likely not benefit the city’s fiscal situation in the long term, as the comparison of revenue to costs associated with expansion are too close to be significant. (Page 43)

For context, the Bluegrass Business Park, owned and operated by Commerce Lexington, is 100 acres and it took 20 years to fully utilize the land for businesses.