Even as Providence attracts high-end investments, the region needs broad-based advances, too.
From new housing units to a brand-new food market, the city is drawing interest – and investment – from local and out-of-town developers. That is a good thing.
But the city and the state are facing an issue that is holding back its economic vitality – that is, a lack of affordable housing.
A strong argument can be made that one of the reasons that Rhode Island’s population is stagnating is its inability to attract people to move here, and one of the reasons is the very high cost of housing relative to incomes. The 2017 Housing Fact Book from HousingWorks RI at Roger Williams University reported that households earning the state’s median income of $56,852 in 2016 could afford median-priced, single-family homes in four of the state’s 39 municipalities.
While the state welcomes investors and developers to revitalize the region, local leaders need to work harder to tackle the issue of affordable housing. Because if no one can afford to live here, they won’t be working here either.
