With nearly half of all people in Denver burdened by the cost of housing, we must find solutions to our growing housing crisis. That was the message from business and civic leaders speaking at the Denver Metro Chamber of Commerce’s State of the City this afternoon.
“The status quo is no longer an option. We have to move with a sense of urgency to begin to build more affordable housing and to preserve affordable housing in Denver,” Denver Mayor Michael B. Hancock told the 650 people in attendance. “It will hurt our future economic growth and impact who Denver is as a community.”
Hancock highlighted workforce development, housing opportunity, neighborhood preservation and addressing homelessness among key priorities for the city.
Chamber President and CEO Kelly Brough agreed that collaboration is how change is created in the Denver metro area.
“We do our best work as a region and we do it across sectors,” Brough said. “Our willingness to collaborate across industries, across sectors, is what makes us so successful.”
A panel of developers and government officials urged solutions to the region’s housing challenge, including statewide reform of construction defects litigation statutes—something municipalities have taken on individually to encourage the development of for-sale condos.
“It really begins and all revolves around solving the construction defect issue,” said panelist Walter A. (Buz) Koelbel, Jr., president of Koelbel and Company. “The resistance at the state capitol is all at the expense of affordable housing.”
Lakewood Mayor Adam Paul agreed.
“We have got to get the state legislature to act,” said Paul, whose city was the first to approve construction defects litigation reform. “We don’t want to be the case study 10 years from now.”
Cris A. White, executive director and CEO of Colorado Housing and Finance Authority, also encouraged more down-payment assistance—particularly for employers to use as a company benefit to attract millennial workers.
“It’s not that people can’t afford a mortgage,” White said. “They can’t afford the down payment.”
The panel encouraged collaboration among all sectors.
“We as the private sector need to come in and add our value as much as we can,” said Amy Harmon, founder and managing partner of Urban Market Partners, LLC and Community Coordinating Metropolitan District No. 1.
Finally, Lauren Casteel, the president and CEO of The Women’s Foundation, was recognized with the Monte Pascoe Civic Leadership Award.
Sara Crocker is the communications manager for the Denver Metro Chamber of Commerce.