Lack of affordable housing affecting local economies

Photo by Brandon Griggs on Unsplash

Jeremiah Jensen | housingwire.com

For local economies to thrive, affordable housing must be built.

According to Blake Plumley, CEO of Capital Pursuits, a real estate development and management firm, the affordable housing crisis is having tangible effects on local economies as it puts the squeeze on service workers who must relocate to find places to live.

In his opinion piece on Forbes’ site, he lays out the direct effects he witnessed while on vacation in a Colorado town:

While my family escaped the Florida heat and humidity, we enjoyed the breathtaking beauty of Colorado. Yet, we were reminded daily of the real-world challenges that many communities across America are experiencing due to a lack of workforce housing. From restaurants that were unable to get out food in a timely manner to resorts forced to close amenities, the lack of affordable housing is impacting businesses and consumers like never before. The destination communities that rely on tourism dollars are especially susceptible to economic impact that this lack of housing for front-line staff creates.

Plumley recounts how last year, in the town of Steamboat Springs, Colorado, 80 residents lined up at 3 a.m. to apply for 48 new affordable apartments, some of whom took the day off of work to apply. Within two days, the property had a years long waitlist that forced at least 32 residents to find housing elsewhere.

According to Plumley the result has been unanswered “now hiring” signs hanging from tourism supported windows.

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