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appreciable rental housing construction will resume without sub- <br />stantial subsidies by one or more levels of government. The <br />above implementation program proposes two types of local govern- <br />ment "subsidies:" "density bonuses," and growth management <br />exemption. Density bonuses are thought of as an inducement to <br />developers and investors to build rental projects that might <br />otherwise not "pencil out" by allowing residential densities <br />higher than normally permitted within the underlying zoning <br />district. As was mentioned earlier, growth management exemption <br />is already provided for small multi-family rental projects. This <br />procedural shortcut is designed to facilitate rental housing con- <br />struction by eliminating the delay between project inception and <br />construction resulting from the growth management process. <br /> <br />Policy 4 <br /> <br /> ...to maintain at least the existing amount of <br /> acreage of the area now planned for multi-family <br /> housing development within the community. <br /> <br />The General Plan originally set aside 410 acres for development in <br />the "high density" residential land use category within the <br />Pleasanton planning area. Of the original amount, 187 acres (45%) <br />of vacant or underutilized high density land remain today. This <br />remaining amount is generally reflective of the 25% goal for <br />multi-family housing under Policy 1, above. Because of the <br />difficulty in developing adequate multi-family housing, property <br />owners sometimes seek to use this land for other purposes. In <br /> <br />-10- <br /> <br /> <br />