Arizona, once renowned for its affordable living, now finds itself grappling with the consequences of rapid population growth and inadequate housing supply, a problem exacerbated by high interest rates and construction costs. This housing situation threatens the state’s economic vitality and social stability.
Arizona must first implement policies that facilitate the development of diverse housing options, particularly for middle-income families and first-time buyers. This includes streamlining permitting processes and reducing regulatory barriers to expedite new developments. Successful initiatives in cities including Tempe, Phoenix and Tucson, which include ordinances against income discrimination and the promotion of Accessory Dwelling Units (ADUs), showcase other policy levers that can help.
Flexibility in zoning laws to allow for higher-density housing in strategic locations, such as near transit hubs and job centers, is essential. Fostering collaboration between the business community and government agencies can lead to innovative financing models for affordable housing projects.
Source: https://www.bizjournals.com/phoenix/news/2024/09/13/arizona-needs-more-housing-solutions.html
