DENVER—June 6, The Denver Metro Chamber of Commerce and Metro Denver Economic Development Corporation (EDC) released their veto list announcing which bills they request Governor Jared Polis to veto. The list included HB23-1190 Local Government Right of First Refusal, and the Chamber and EDC have worked ardently to illustrate its negative effects to the private market and on the ability of developers to build affordable housing stock in the state.
“Our members continue to tell us that one of the biggest barriers to doing business in the State of Colorado is lack of affordable housing inventory. Unfortunately, this bill does nothing to meaningfully address our housing shortage and only adds complexity and red tape to real estate transactions,” said Adam Burg, vice president of government affairs for the Denver Metro Chamber of Commerce.
The Chamber and EDC stand in opposition to this bill because it adds unnecessary complications to real estate transactions. These new regulations usurp private property rights and extend the period that a residential building can be under contract, which adds uncertainty to real estate transactions and discourages property owners from listing their properties for sale.
Additional reasoning for the Chamber and EDC’s opposition is that HB23-1190 is a breach of private property rights—stripping property owners of their right to choose which offer is most favorable and forcing them to accept an offer which may not have as advantageous sales terms as other offers. If passed, it will slow further investment in the state and discourage developers from buying property to convert to new housing stock, which further exacerbates our severe housing shortage.
The Chamber and EDC support affordable housing, and they advocate for practical legislation designed to bolster housing stock by lifting regulations, streamlining zoning codes and cutting red tape. Unfortunately, this bill does nothing to build housing stock. Instead, it discourages owners from selling their properties, further halts available housing stock and slows real development of affordable housing units in the state. To truly close the gap in our housing shortage, the Chamber and EDC believe it must become easier to develop, not more difficult.
For media inquiries, Adam Burg is available for comment or interview. Reach out to cameron.ochse@denverchamber.org for any interview or inquiry requests.