"Steamboat Springs, Colorado, home to Steamboat Ski Resort, recently gained 104 more units of affordable housing from an unlikely source. Jason Blevins of The Colorado Sun reported on resident billionaire Mark Stevens' purchase of the Riverview Apartment Complex, and subsequent slashing of the rent prices. Though Stevens' identity was initially concealed through an LLC and his investment firm S-Cubed Capital, Blevins tracked down Stevens' involvement in the purchase."
"The lot where Riverview stands was originally proposed to be a set of luxury condos, hotel, and commercial space in 2004, but financial troubles caused the five-acre lot to be sold off in 2018 for $31.9 million. Single-family, duplex, and commercial lots have been sold off in the intervening years, and the apartment building was built in 2024 by Gorman and Company, thanks to a low-interest-rate loan from the town funded by taxes on short term rentals like AirBnB and VRBO."
Ski town housing affordability is strained by demand from second-home buyers and remote workers, driving median home prices and rents to multimillion-dollar highs. Local workers such as teachers, construction workers, waiters, ski patrollers, and lift mechanics face mounting financial pressure. Local governments have attempted to spur affordable housing development, but intense NIMBYism and long timelines often delay results. In Steamboat Springs, a 104-unit apartment building was purchased by billionaire Mark Stevens and offered at well-below-market rents for those working at least 30 hours per week. The property’s development followed a complex lot history and a town-funded low-interest loan.
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