"Rhode Island is becoming a model for housing policy in other states. We've passed more than 60 new housing laws that are having real results. He cited a 70% increase in building permits in 2023, the largest since the Great Recession. He also noted that construction takes time. We are still trying to play catch-up for all the years that Rhode Island was dead last in the country for new housing starts."
"Rhode Island's chronic underbuilding created a severe housing shortage and pushed vacancy rates and inventory to historic lows. Prices and rents climbed as too many people competed for too few homes. Families now face intense competition for every halfway decent listing. The median single-family home price is around $500,000, far beyond what most local incomes can support."
"Renters face similar pressure, as average two-bedroom apartments require incomes near $60,000. Typical renter incomes hover around $48,000. Many households pay well above 30% of their income just to stay housed."
Rhode Island faces a critical housing affordability crisis stemming from chronic underbuilding that left the state last in new housing starts nationally. The state has passed over 60 housing laws across six legislative packages to address this shortage. Recent efforts include zoning changes, reduced red tape, and revival of boarding houses and co-living arrangements, mirroring approaches in California, Florida, and Texas. Building permits increased 70% in 2023, the largest jump since the Great Recession. However, severe supply constraints persist: median single-family home prices reach $500,000, far exceeding local incomes, while renters need $60,000 annual income for typical two-bedroom apartments despite average renter incomes of $48,000. Many households spend over 30% of income on housing.
#housing-affordability-crisis #zoning-reform #legislative-policy #supply-shortage #co-living-and-boarding-houses
Read at www.housingwire.com
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