Here is one of the greatest challenges when talking about our affordable housing crisis: We feel the housing burden from the perspective of the family, but we address the housing burden from the perspective of the unit. It’s important to remember that each additional unit of affordable housing has the potential to become a home, providing a family with a new opportunity to build an inclusive Denver. As Luther VanDross once sang, “A house is not a home…”
To that end, Denver’s housing crisis means fewer stable homes and a less inclusive economy.
In 2016 Denver City Council approved the creation of Denver’s first dedicated affordable housing fund, which will raise $150 million over the next decade from two sources: a 0.5 mill in property taxes and a linkage fee on all new development in the city. This will preserve or create 6,000 units during that time. While this is an important first step in forming a comprehensive solution, it falls short of the magnitude of Denver’s housing crisis.
There are over 100,000 households in Denver that are considered cost-burdened, meaning more than 30 percent of household income goes directly to housing costs, with almost half of those households spending more than 50 percent of their income on housing alone. I hear the same lament from families, activists, and advocates: “This fund is not enough. The city must do more.”
As one of the co-sponsors of the affordable housing fund, I felt a persistent responsibility to do more and to try and double the fund by the end of 2018. Rapid growth has sparked relentless displacement, and many of my constituents cannot keep pace with Denver’s economy. This is the number one issue facing our city, and it’s threatening our ability to build an inclusive economy in Denver--one with more victors and fewer victims.
The magnitude of our housing crisis demands that we build a multi-sector coalition to solve it. In a context where inaction is fatal to economic justice, it’s important to realize that solutions won’t come from one office or agency. Advocacy from community groups is only as powerful as its ability to produce action from city leaders. As Denver City Council president I can confidently say that I have seen our leaders step up to meet community needs and signal a more inclusive future for our city.
The mayor and his administration, led by our chief financial officer, Brendan Hanlon, just announced that they have worked out a way to double the fund. This expansion will be funded by increasing the recreational marijuana tax rate by 2 percent, starting a general fund transfer of $7 million per year beginning in 2019, and a partnership with Denver Housing Authority to issue $105 million in bonds. What this means is that we will have the funds up front, and will be able to more quickly impact the community, more than doubling the amount of units that will be created or preserved in the next five years.
Now is the time to build.
We are called to build relationships across different sectors, bringing together nonprofit affordable housing groups, developers and community members. We are called to build not just units, but homes. And most importantly we are called to build the foundation for an inclusive economy.
Collaboration is what sets Denver apart from any other city. So I ask, will you build with me?
Join The Conversation bit.ly/InclusiveDenver. #InclusiveDenver