The Limited Growth Initiative or #66 has a chance to be on the fall ballot if enough Coloradans sign petitions to put this initiative on the ballot. Here is what this Initiative would do to all 10 Front Range counties—
- Limit new permits for the total number of all housing units to 1% in both 2019 and 2020. For example, if a county has 10,000 housing units, builders could only build 100 new housing units in both 2019 and 2020.
- Prohibits permits from being pulled between Election Day and 1/1/19.
- Voters would NOT be allowed to change or alter the initiative until at least 2021.
There are approximately 1.25 million housing units in the Denver-Boulder MSA and if this initiative passes builders could only build pull 12,500 new housing permits in 2018 and 2019. Thus, new construction would drop by roughly half in 2020-2022 from 2017 when builders built about 23,000 new housing units.
You think our real estate market is tight and expensive now, just wait. If this initiative makes the ballot and is passed by a 55% majority in November, I could see home prices in metro Denver rise another 40-50% in the next 4 years. .
The ONLY attainable solution to our housing supply crisis is we MUST BUILD MORE HOMES! According to the State Demography Office builders are behind by 62,000 housing units. If this initiative passes builders will fall further behind by an additional 30k to 40k units I expect by 2022.
So, let your clients and SOI know they should NOT sign this petition.