The state earlier this year took a step toward responding to a serious housing shortage when voters approved $65 million in borrowing to boost supply.
But as this week’s cover story reports, that was merely the first step of many needed to solve Rhode Island’s housing crisis.
Naturally, those who earn the least are the most affected by a shortage of affordable housing.
Only six of Rhode Island’s 39 communities have met the state goal of 10% of year-round housing stock to be affordable.
But the limited availability of housing at all income levels in the state is also becoming acute for those in the so-called “missing middle.” They neither qualify for public assistance nor earn nearly enough to keep up with runaway real estate prices.
They’re left taking apartments that otherwise would be available to those with lower incomes.
State lawmakers can take some additional steps toward easing the crisis, starting with supporting a proposal in Gov. Daniel J. McKee’s budget to create a dedicated revenue source for affordable housing.
A proposed housing production tax on the sale of residential properties over $700,000 would generate $5.7 million annually after the first year.
House Speaker K. Joseph Shekarchi has also proposed a deputy secretary of commerce and housing, a move that would ensure the state finally takes its share of responsibility for the creation and maintenance of an adequate housing supply for all residents.