Here in our Colorado mountain towns we are having a real-deal housing crisis unlike anything ever seen before. Our critical service providers such as teachers, fire officials, nurses, police, ski instructors and the like (everyone who actually makes our economies run) often cannot afford to live anywhere even close to the areas where they provide their expertise, living instead in more affordable villages perhaps an hour away or more.
How should we address this incredibly difficult issue when up to 65% of all housing in any given ski-town is owned by out-of-town second-home owners who may occupy their property for two weeks a year. On top of this, the "sharing economy" i.e. Airbnb, HomeAway, etc., are potentially causing even greater economic discord throughout housing markets in our high country communities.
Forbes recently published a new piece sharing the insights of seven real estate investment experts, including our leader and The Mountain Life Companies' President Garratt Hasenstab, weighing in on housing affordability issues as well as foreign property investment, be it Californians buying property in Frisco or Hong Kong residents buying multifamily developments in Aspen.
Sharing his unique perspective, Garratt weighs in with his unique perspective, albeit edited to accommodate a broader, national/international perspective, on what he thinks about the kind of housing crisis he is most familiar with, that of our Colorado mountain communities.
Check out the article here: https://www.forbes.com/sites/forbesrealestatecouncil/2018/04/05/seven-real-estate-pros-weigh-in-on-affordability-and-foreign-buyer-taxes/#528a1dbe4795
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