These deals often include tax breaks, infrastructure improvements and other incentives—all paid for with public dollars. And while the pitch is always that the investment will pay off in jobs and economic growth, those returns are rarely guaranteed.

Many congregations own large pieces of land, vacant buildings, or underutilized parking lots that could be turned into housing. Instead of selling to developers, these institutions are stepping into the role of housing providers themselves, partnering with nonprofits and mission-driven builders to create new places for people to live.

Unlike industries such as electronics where efficiency drives down prices, the housing market resembles sectors like healthcare and higher education, where additional liquidity often results in higher costs.

These mandates force developers to overbuild parking, adding tens of thousands of dollars in costs per unit—costs that get passed down to renters and buyers, further exacerbating the housing crisis.