COLUMBUS, Ohio (AP) — Intel’s announcement earlier this year of a $20 billion manufacturing operation bringing thousands of jobs to rural Ohio was greeted as an economic boon.
“We have underbuilt housing by millions of homes over the past 15 years,” said Dennis Shea, executive director of the J. Ronald Terwilliger Center for Housing Policy. “So when a big company comes into a community that is supply constrained, the demand that they’re going to inject ... is going to affect home prices and rental prices because there’s more demand than supply.”
“It’s economic development. It’s going to employ people. But you are probably going to have to bring a lot of people into the area,” he said. And “those jobs require housing.” The central Ohio shortage includes the “missing middle” of workforce housing, or homes up to $250,000, said Tre’ Giller, CEO and president of Metro Development, one of Ohio’s largest apartment developers. A recent Zillow search showed only about 570 listings for homes $250,000 or less in the area.The housing pressure is especially intense for low-wage workers.
On the Nov. 8 ballot, Columbus voters approved a $200 million bond issue aimed at increasing the city’s affordable housing stock for homeowners earning less than $50,000 annually. “We simply do not have enough places for people to live,” Mayor Andrew Ginther said in announcing the issue in July.
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