Quote:
Originally Posted by TakeFive
This is not unique to Denver; it's happened all over the country. Partly 'work-from-home' and a whole lot of just wanting your own private space with an emphasis on space. All of a sudden everybody decided they wanted to buy a "Single Family Home." Denver doesn't have a housing shortage; there's plenty of apartment vacancy. What it has is a shortage of single family homes and that's why prices keep rising.
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TakeFive, with all due respect, this comment is why ageism is a real thing these days. Your comment implies that Denver's housing market is in balance and that we have an isolated problem of folks escaping a pandemic wanting a big ole house to fit a traeger in the back yard. Pretty much any young person, when posed with your response, would say you are bat shit crazy and their knee may spasm (no personal attack intended, purely for the drama).
SURE, there is rental vacancy though it's almost flat through a pandemic.
YES, condos are sitting on the market.
BUT, an ever-growing portion of renters are paying more than 40-50%+ of their total income toward housing.
AND, condos are generally for sale north of $400/SF with HOA fees that tack on an additional 20% to 30% to the cost of ownership.
Is housing available? Yes, a tiny wee little bit. Is it affordable to actual people who make for diverse communities we all love and cherish? NO, it's not and it won't be. Denver is following the footsteps of every other great liberal urban experiment and we will meet the same fate because we're making the same decisions.
I will repeat this as many times as I can. Denver, Colorado, nationwide - everywhere in this country is producing less housing than we were 50, 40, 30 years ago and as such, housing is more scarce and more expensive. This is largely a function of zoning, available land, and to an extent out west - natural resource limitations (more specifically local government's complete inability to get ahead of growth through procurement of water and deferred maintenance of 50 year old suburban wastewater systems folks took for granted). In the 1970's the State of Colorado produced as much housing as we do now but we had HALF the population. I'll say it again, on a population adjusted basis, we produced TWICE AS MUCH HOUSING in the 1970's as we do now. The 2020's will be one of the slowest growth decades in history for Colorado (I'm guessing the 5th slowest since 1860). If we are growing slower, why is the cost of housing rising so dramatically?
If you don't believe me, look at the data. I'd post a picture but I'm not that tech-enabled (or motivated). Perhaps a census link will work. Page 6 for Colorado. We do not build enough housing (of all types) and it's glaringly obvious to smart money, which is why folks keep pouring big dollars into big housing developments.
https://www.census.gov/construction/bps/pdf/annualhistorybystate.pdf