Here is a basic/quick rundown of the new approval rating system coming in v1.0.0 of My Colony. More will be explained in the eventual patch notes.
Overall approval rating is basically a sum of all of the land value ratings of all buildings in the game, +/- global approval impacting factors that come from policy settings or (eventually) atmosphere/trash levels.
There are several impacts that approval rating has on the game. Firstly, when colonists are choosing houses, the game sorts all houses in order of land value from best to worst, and the best houses fill up first. So colonists will only live in the lower-values areas if nothing else is available.
Secondly, once overall approval gets below 30%, a certain percentage of the population will be rioting, with that percentage going up, the further down approval goes. The % of people who are rioting will not be working, so that will impact your production. So basically, if your overall approval is above 30%, there will not be a direct impact on production, other than the fact that houses with low land value may not be occupied, and so nearby factories may not have enough workers.
Individual structure value is determined different for residential vs commercial type buildings, and by a combination of both for buildings that serve as both.
All buildings value is dependent on building condition, accessibility (whether or not it can be accessed by the pathfinder), and safety (crime level, which will be coming in a future update).
On top of those factors, a residential building is rated by average distance to worksite (commute), medical coverage, education coverage, and entertainment coverage, average salary of the workers vs global average.
Commercial buildings are also rated by availability of customers.
So all of the above factors combine to give the building an overall land value, and all of those values combine for the overall colony approval rating.
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