Denver tackles housing crisis with bold new legislation

Citizens in Denver are grappling with escalating housing costs, primarily due to a significant shortfall in affordable housing. A recent assessment by the Denver Regional Council of Governments (DRCOG) indicates that the city requires 70,000 housing units over the next decade to meet demand. Of these, 44,000 units must cater to individuals earning between 0 to 60% of the Area Median Income (AMI), with a pressing need for 27,000 units specifically for those earning 0 to 30% AMI.

The high cost of housing is contributing to adverse effects, including decreased sales tax revenues and an increase in evictions and homelessness. In response, city officials are proposing legislation aimed at addressing this shortfall by funding various models to enhance affordable housing availability. The plan outlines key investment areas, such as the creation of mixed-income housing, boosting homeownership opportunities, and expanding rental subsidies.

Once approved, the proposed fund will support efforts to increase affordable housing units, particularly for supportive housing, and mitigate the displacement of both renters and homeowners. The city council has decided to present this ordinance to registered voters during the special municipal elections, which will coincide with the state general election on November 5, 2024.

City leaders emphasize the importance of affordable housing in fostering a vibrant community where residents can live close to their workplaces, thereby attracting more jobs and investment. The initiative aims to ensure that Denver remains accessible for its residents, promoting stability and opportunity within the Mile High City.