Officials in Salt Lake City have imposed a seemingly challenging goal to resolve the housing crisis, which involves a timeframe of five years.
By 2022, the city hopes to fix the problems on the residential property market. The deadline for the city planning reflects a rather ambitious decision since it normally takes between 10 and 20 years to implement such plans.
Local officials have committed to using $4 million to build 1,000 low-cost houses, as the city’s homeless shelter system will disappear in less than two years. The money will be taken out from a $22-million budget for affordable housing in 2016. It plans to demolish a North Temple motel and convert the site into a $44 million residential community.
The project will feature a combination of market-rate homes and low-income residential properties. The Western Regional Nonprofit Housing Corporation plans to assist with the city’s plan. Other companies may help in solving the housing crisis. A home show for future projects in Utah may serve as the first step to tackle the issue.
City Council Chairman Stan Penfold said they decided to shorten the timetable for resolving the housing crisis, as they expect it to persist in the near future. The city currently lacks an estimated $8,000 low-cost homes. At the same time, low vacancy rates have not helped at all since these have raised prices for buyers.
As a result, people involuntarily searched for houses in other cities, yet still, hold on to their jobs in Salt Lake City. This presents a host of other problems such as a longer commute from their homes to their place of work.
The decision of Salt Lake City officials to address the housing problem comes at a right time. A housing crisis could not only affect residents but hinder the growth of local businesses in the area as well.