A new coalition met for the first time Tuesday morning aimed at addressing affordable housing in Utah. (Photo: KUTV)
(KUTV) — A new coalition met for the first time Tuesday morning aimed at addressing affordable housing in Utah.
The Housing Gap Coalition will be formed by business leaders and led by Steve Starks and Derek Miller.
Miller will be the CEO and president of the coalition.
"We’ve organized the Housing Gap Coalition to proactively address housing affordability before it become a crisis," said Miller.
The coalition comes in direct response of a new University of Utah study, "What Rapidly Raising Prices Means for Housing Affordability."
The lead author is calling this a housing shortage not crisis just yet.
Dan lofgen, the CEO of Cowboy Partners – a real estate development firm in Holladay – says downtown Salt Lake City seem like it’s growing rapidly with housing but it’s not enough.
"The truth is we’re not quite keeping up, there’s more demand, there are more households in need of housing then we’re producing today," said Lofgren.
He goes on to tell us, this is why we’re seeing higher prices.
Clark Ivory of Ivory Homes is concerned about interest rates for single family homes.
He tells us, in the next 18 month it will be in the high 5 percentage rate.
Affecting low income families the most.
The new Housing Gap Coalition will try to increase housing along with housing availability.
We’re told by Miller, the low hanging fruit to tackle first is policy. Specifically land use policy.