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When the builders are required to set aside % of new construction or pay cash in lieu of, you just drive up the cost of housing even more and keep a number of builders from coming to Longmont especially those who want to build modestly priced homes. At the same time you are forcing the rest of the people who buy in those subdivisions to pay more for their homes.
There are other way to bring low income housing to Longmont. Think out of the box City Council
http://ctb.ku.edu/en/table-of-contents/implement/phsyical-social-environment/affordable-housing/main