Some of the nation’s biggest corporations directly contribute to affordable housing development across the country.
But as this week’s cover story reports, such investments have been limited in the Ocean State even as the shortage has risen to a crisis level in recent years.
That’s not necessarily due to a lack of interest or willingness on the part of local corporate leaders. State leaders have largely focused on directing public and taxpayer funding to spur new housing development, including an estimated $260 million since 2021.
And voters in November will be asked to approve a $120 million housing bond – the largest in the state’s history.
But a state department created in 2023 to develop and implement a statewide housing plan has not received any corporate investments or actively engaged private companies in the process.
State housing advocates who PBN spoke with, including House Speaker K. Joseph Shekarchi, say they’d like to see some of the state’s biggest companies do more to help develop affordable housing.
The question is who will take the lead in exploring those opportunities?
Rep. June Speakman, D-Bristol, is one lawmaker interested in finding out. Rep. Speakman chairs a legislative commission on housing affordability and plans to put the issue on the panel’s fall agenda.
The more housing the state develops, the more workers can afford to live here.
That’s all the incentive Rhode Island’s corporate leaders should need to get more involved in the state’s response to an acknowledged crisis.