Like homeowners across Colorado, I received a notice of valuation from our county assessor earlier this year. I heard from many Jeffco residents that they were shocked to see the huge increases in property value, but honestly, I wasn’t all that surprised. After all, we’ve been hearing about skyrocketing housing costs for a few years now.
Colorado’s economy is among the strongest in the country with unemployment now at a record low of 2.3 percent. We also have some of the country’s lowest income taxes and residential property taxes, which attracts new residents but has made it impossible for growth to pay its own way. Furthermore, we can all attest to the Colorado quality of life, so it’s really no surprise to see how many people are moving here – and that’s the main thing driving increasing housing costs.
This year, your state legislators worked on several ideas to address the affordable housing crisis and provide relief for both homeowners and renters.
First, we achieved a major bipartisan breakthrough on construction defects reform. After months at the negotiating table, a consensus bill to settle a major aspect of the issue passed both chambers unanimously. For years, developers have claimed that our laws encouraged “frivolous lawsuits” and thus discouraged the construction of affordable condos, a critical missing piece in our market-rate affordable housing picture. The bill requires “informed consent” and a vote of all homeowners in an HOA before a lawsuit is filed, addressing the builders’ stated concerns while protecting homeowners’ rights regarding their most important asset—their home. Now that this bill is law, it’s time for builders to step up to the plate and build affordable condos.
Second, we increased investment in the construction of affordable housing. If we want apartments to be rented at more attainable prices, we need to spend public dollars to make it possible for builders to construct affordable rental properties. I was pleased that we were able to allocate money from the marijuana tax cash fund for the construction of housing for some of our most vulnerable Coloradans.
However, I was incredibly disappointed to see a bill killed by Senate Republicans that would have provided a stable source of funding to build more affordable homes by increasing the documentary fee on home purchases by one penny per $100 of home value. This is a smart way to create sustainable funding as newcomers to Colorado would also pay this fee. The revenue from this small change would have provided stable funding to help prevent Colorado families from being priced out of their neighborhoods.
Finally, we ran a series of bills to improve renters’ rights. One new law will require 21 days’ notice before a landlord can raise rent or end a month-to-month tenancy, and another will reform the tax lien process for mobile home owners so that they don’t lose their homes over minor tax delinquencies. These are good steps, but we need to do more for renters. We also worked hard to pass bills to limit rental application fees to actual costs and to require landlords to provide tenants with copies of their leases and receipts for cash payments, but these bills were killed by Senate Republicans. As more and more Coloradans are renting, it’s more important than ever to keep fighting for basic fairness for renters.
These issues are not going away. There are some who would like to build a wall around our state or set arbitrary growth caps that would only make housing affordability crisis worse, but I believe we must take real action.
We must plan for smart growth in areas where people have access to transit and bike paths so that we minimize the number of cars we’re adding to our already-congested roads. And we must make sure growth pays its way in Colorado so that we can build more affordable housing, preserve our neighborhoods, and invest in improving our schools, roads, and bridges to accommodate our growing population while protecting the quality of life that we Coloradans enjoy so much.
I will continue working on these issues in the years ahead, and I would love your feedback. Please call my office at (303) 866-2951 or email me at email@example.com.