GRAND JUNCTION, Colo. (KREX) – According to Rocket Homes, Colorado has the 5th highest median home price at over $480,000, and in Grand Junction home prices are up nearly 16% from a year on year for the past five years. That means working-class people are struggling to afford housing, but Colorado lawmakers are trying to solve the state’s housing crisis with Proposition 123,
Proposition 123 would reallocate funds for affordable housing – without raising your taxes and would primarily target the working class, like teachers, firefighters and nurses who are struggling to afford housing. They could also find it for up to 30% of their total income.
Here in Mesa County, more than 30% of households earn less than $25,000, but are missing more than 4,000 homes that would fit their budget. To make matters worse, Grand Junction Housing Authority COO Scott Aker told me there was a waiting list of 2,000 names to get into a house.
There are a few downsides to Proposition 123, however. While it may not raise taxes, some are concerned that TABOR refunds will either be reduced or eliminated entirely, which many people rely on to supplement their income.
Proponents of the proposal say that the more our supply of housing increases, generally the more housing prices fall – and that’s good for everyone.