Opinion | Guest commentary: Colorado needs affordable housing but a property tax cap is not the answer
A workman carries a large piece of wood while working on new affordable housing units in the Wicker Park neighborhood of Stapleton on Aug. 1, 2018, in Denver.Colorado faces a housing crisis. Why? We simply have not built enough housing to meet rising demand, and the law of supply and demand is now playing itself out as home prices and rents increase dramatically.
Our most immediate priority is to tackle the current housing shortage by creating new workforce housing supply. However, given rising prices for land and new construction, such projects won’t be built without government help. This proposal would cap property tax growth at 3% annually, regardless of the actual value of a property and regardless of sale. Because the cap would apply to all property types, and makes no distinction between home ownership and rental properties, however, the primary beneficiaries of the measure actually would be landlords and high value property owners.
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