Denver Mayor Michael Hancock wants to create a fund dedicated to building, preserving, and rehabilitating 6,000 affordable housing units in the city by raising $150 million over the next 10 years.
In order to raise that money, property taxes would be raised and fees would be assessed on new construction. Home builders are unhappy with the plan, reports Suzanne McCarroll of CBS Denver.
Home builders say that if they have to pay new fees on new construction projects, they’ll simply pass the cost onto consumers. And while they support the City’s desire to fund affordable housing, they don’t think they should have to pay for it.
“If you took a 1500 square foot home, you’re almost at $1000,” said Cherie Talbert of the Home Builders Association of Metro Denver. “That will easily put about 1800 people out of the home buying market.”