Housing affordability is not just a priority; it’s the top priority for Stowe. It’s a crisis that threatens the very fabric of our community, impacting our workforce, families, and long-term viability.
What do I mean by “housing affordability” and why is it critically important?
Housing affordability refers to the ability of individuals and families to secure housing that meets their needs without spending a disproportionate amount of their income. It’s not simply about the price of housing, but the relationship between housing costs (rent or mortgage payments, property taxes, utilities) and household income. A common benchmark is that housing costs should ideally consume no more than 30% of a household’s gross income. When housing costs exceed this threshold, households are considered “housing burdened.”
Stowe faces an housing affordability crisis. High housing costs, relative to local incomes, mean nearly half (49%) of resident homeowners and 27% of renters are “housing burdened,” spending 30% or more of their income on housing, according to Census data.
Faced with this shocking reality, we must act now to create and preserve housing affordability by pursuing all viable options through a multi-pronged approach. This includes:
- Addressing the Housing Cost Burden: The unsustainable and unacceptable housing cost burden, significantly exceeds the state and county averages. This is not just a statistic; it represents real hardship for nearly half of our community. This onerous burden contributes to the loss of full-time residents, impacting the entire community’s well-being. We must act decisively to alleviate this burden. This includes clearly communicating the urgency of the housing affordability crisis, prioritizing it in town planning and budgeting processes, and championing policies that address the issue effectively. I am committed to pursing all options to reduce the percentage of housing-burdened residents in our community.
- Prioritizing Residents and Local Workers: Affordable housing policies must prioritize the needs of those who live and work in Stowe. We need to ensure that our housing stock is available to the people who contribute to our community, from teachers and firefighters to small business owners and service workers. This may involve implementing residency requirements or other mechanisms to ensure that affordable housing is targeted to those within our community who need it most.
- Innovative Public-Private Partnerships: We need to explore and leverage innovative public-private partnerships to finance and develop affordable housing projects. This could involve collaborating with non-profit housing organizations, developers, and even local businesses to create new housing opportunities. We should also investigate the potential for local tax incentives, based on affordable housing income assessment methodology, density bonuses beyond standard practice, and expedited permitting processes to encourage participation in these partnerships.
- Community Land Trusts: Community Land Trusts offer a unique model for preserving affordability in perpetuity. By separating the ownership of the land from the ownership of the housing, these trusts can ensure that housing remains affordable for generations to come. We should explore the feasibility of establishing a community land trust in Stowe, working with existing organizations and experts to develop a model that works for our community.
- Regional Collaboration: The housing affordability crisis is not unique to Stowe; it’s a regional challenge. We need to collaborate with neighboring municipalities to develop regional solutions. This could involve joint planning efforts, shared resources, and the creation of regional housing authorities. Working together, we can leverage our collective resources and expertise to address this issue more effectively.
- Integrating Thoughtfully into Our Landscape: New housing development must be integrated thoughtfully into our community’s landscape. This means considering the scale, character, and environmental impact of new projects. We need to ensure that development is compatible with existing neighborhoods and that it doesn’t negatively impact our natural resources.
- Empowering Property Owners: We need to pursue policies and regulations that create flexible and viable options for resident property owners to maximize income opportunities from their property. This could include streamlining the process for creating
accessory dwelling units (ADUs), supporting short-term rentals under reasonable regulations, or exploring other innovative approaches that allow homeowners to generate income from their property. We must recognize that homeownership is often precarious, and we need to empower residents to adapt to changing economic circumstances. - Avoiding Overregulation: I am strongly opposed to creating even greater distress for our most economically burdened resident property owners with overreaching restrictive regulations. The municipality must be careful not to implement policies that inadvertently exacerbate the problem or make it even harder for residents to stay in their homes. We need to listen to the concerns of our residents and ensure that our policies are designed to help, not harm.
Addressing the housing affordability crisis requires a comprehensive and collaborative effort. We need to be bold, innovative, and persistent in our pursuit of solutions. The future of Stowe depends on it.
Billy Adams for Stowe 