To the editor:

Now, more than ever, I hear from my fellow friends and neighbors about their concerns regarding ever-increasing rent and mortgage payments. As someone who is aiming to attain the American dream of home ownership along with my wife — who is a lifelong Townie — the issue of home affordability is paramount.

Our city should be an affordable and fiscally responsible place to live in. These values are at the core of every strong American community. Unfortunately, shelter costs — think your sky high mortgage and rent payments — remain a persistent contributor to inflation and our cost of living crisis (Roosevelt Institute).

As we have seen in the last election, inflation was top of mind for the voting public. Housing is by far the largest financial burden for working families. Federal policy will have little impact in addressing this. The most imperative decisions in our lives lie in the hands of local officials — like our City Council members — on acting to cut red tape by streamlining zoning and planning regulations, as well as working with builders to create more housing units.

The Northeast is not making any measurable progress in addressing the demand for housing. Meanwhile, the South is only three years away from closing their housing gap. Cities like Austin, Texas have seen a drop of 7% in the median home price because of rapid building.

If we neglect to build more homes — and thus expand our tax base — the consequences will spill over to residents who already own their own homes. As the cost of providing city services and maintaining our infrastructure outpaces revenue growth, our tax burden will increase to make up the gap. In the long run, this risks pricing lifelong Townies out of their own homes once they default on their property taxes, especially those on fixed income who cannot budget for greater than expected increases to their tax bills. Our elected officials must start thinking beyond their election term, and look forward to the long term prosperity of our city.

Fortunately, we have tangible tools at our disposal. We can collaborate with builders to encourage higher density in future developments, thereby dividing the cost of services by a greater denominator. We can also invest in more mixed use developments and foster the growth of small businesses. There is a unique opportunity available to us with the Oldham School development to create such a community, and it should not be squandered. It is with great urgency that we build communities that strengthen the fiscal health of our city for generations to come.

Far too often, folks misplace their concerns on Washington, when the reality is that our local policies and elected officials have a far greater impact on our wallets. It’s time for us to act. The consequences of inaction are clear: pricing out our children, friends, and family from having the opportunity of living in their hometown. It is time for bold action to tackle the housing crisis.

Jimmy Dufurrena
Riverside