My town almost has zero renters - something like 5-7%. Most of those are accessory dwellings or STR for the lake in town. Very low property tax (paying $1200/year on a $400k 2k sq foot home with 5 acres). Shares a school district with 4 other local towns/villages.

The developer/advocates for this initiative tried to sell residents on "local businesses need employees..." - Sorry, I don't give a shit. If you can't hire people, pay them more + offer better benefits. Building "affordable" houses so you can import minimum wage worker populations that also benefit from state welfare/ebt/insurance is not good policy.