After a recent presentation by SLC Housing Authority Director Dan Nackerman, the Summit County and Park City councils are poised to consider forming a regional housing authority. Nackerman emphasized the positives and dispelled misunderstandings, and staffers pledged to bring back recommendations for getting started.
This is good news. Momentum is building as governments, nonprofits and businesses all act to address the ongoing crisis of sky-high housing prices and low availability. For example, it’s been exciting watching the rise of Canyons Slopeside Village while driving along Highway 224 these many months. Now partially open, at full buildout later this year, these seven buildings will house more than 1,100 people. Employees earning less than 80 percent of area median income qualify for a tiered rental system. There are other advances in Eastern Summit County and PC, too numerous to mention in this column.
But there is much to do. The prohibitive cost of area housing — to rent or own — continues to price out service workers, up-and-coming professionals, and our seniors, whose options are drastically reduced.
In his presentation, Nackerman emphasized the efficiency of selecting from a “menu” of regional housing priorities, such as workforce or senior housing. He said a regional housing authority would attract federal funds, which is critical given the steep costs of housing solutions. He dismissed the stereotype that workforce housing “attracts the poor,” stating that housing authorities reduce poverty and stimulate the economy. Officials are rightly concerned about the details, such as whether federal housing dollars can help seasonal workers since the funds are often tied to citizenship requirements. Staff will have responses to the joint council’s questions in their next report.
The housing issue remains a significant threat to the viability of many area businesses. Chamber partners repeatedly tell me expensive housing hamstrings their ability to hire and retain employees. From the workers’ perspective, commuting wastes their time, adds to their costs and stress, and limits their commitment. Of course, commuters also increase our traffic woes.
The Park City Moderate Income Housing Plan points out that low-paid workers priced out of the market make up nearly half of our local employment, working in accommodation, food services, arts, recreation, entertainment and retail. But moderate to upper middle-income professionals are affected, too. We lose the civic contributions of firefighters, accountants, and small business owners when they cannot live here, and we export their wages as they spend their income wherever they find housing that fits their budgets.
Recent research in Vail, Colorado, offered some eye-popping conclusions about the community benefit of housing assistance programs, including this: The direct return to Vail on an investment of $65,000 in one housing unit is $3,239 in local sales tax and revenue for schools, a 5% annual return on investment. Five percent. Annual.
Summit County, Mountainlands Housing Trust, and the PC Community Foundation are investigating a similar Economic Impact Study, examining the traffic, infrastructure strain and economic detriments of unaffordable housing and the potential benefit of investing in housing solutions.
The Chamber-spearheaded Sustainable Tourism Plan, adopted by the Park City and Summit County councils last year, specifies regional action on the issue. I’m looking forward to the joint council’s leadership on housing affordability which is so critical to Park City’s economic health, diversity, quality of life and sustainability.