(1) At least once every six years, by a date scheduled by the Land Conservation and Development Commission, a city that is within Metro and has a population of 10,000 or greater shall:

(a) Inventory the supply of buildable lands within the city and determine the housing capacity of the buildable lands; and

(b) Conduct an analysis of the city’s existing and projected needed housing under statewide planning goals and rules related to housing by type, mix, affordability and density range to determine the number of units and amount of land needed for each needed housing type under ORS § 197A.018 for the next 20 years.

(2) The housing capacity determination and the needed housing analysis conducted under this section must be adopted as part of the city’s comprehensive plan no later than one year after completion of the needed housing analysis.

(3) If the housing capacity and needed housing analysis conducted under this section demonstrates a housing need, the city shall amend its comprehensive plan or land use regulations or take actions to update or implement its housing production strategy to include new measures that demonstrably increase the likelihood that development of needed housing will occur for the type, mix, affordability and densities sufficient to accommodate needed housing for the next 20 years. [Formerly 197.297]