After voters in Lakewood approved a 1% cap on new housing growth on July 11 Front Range counties are looking at growth limits via one initiative, said Teo Nicolais. Teo basically told an audience that you can’t restrict supply of new housing and make rents or prices more affordable. TRUE!
The State Demography Office is predicting that 2.4 million more people will move to our state by 2050 and it’s expected that nearly all that growth will be in the 11 county Front Range. This means we will need to build roughly 1 million new housing units over the next 31 years.
Currently about 4.6 million people live in the 11 county Front Range area. This means we have roughly 2 million households or homes and a 1% growth cap would mean developers can only build about 20k new homes and apartments for the entire Front Range! That’s how many are being built currently in Metro Denver and that’s not enough. Which means our housing shortage will only get worse and home prices and rents will continue to soar!