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Denver Business Journal's Ed Sealover reports on the construction-defects reform proposal in Denver, which passed it's first Denver City Council vote on Monday without opposition. All council members agreed that some kind of action must be taken to create a greater variety of lower-price housing options in the city, where both home prices and rents have escalated.
Economic developers and business leaders discussed the lack of condominiums for sale — just 59 of the 1,777 multifamily units going up downtown this year are condos, noted Joe Vostrejs, chairman of the Downtown Denver Partnership Management Group. He added that has contributed to skyrocketing rental rates and has disenfranchised both young professionals and down-sizing Baby Boomers. Tom Clark, CEO of the Metro Denver Economic Development Corp., noted that nearly 1 million people already live under reform laws in the nine other Front Range cities that have passed them.
The final vote is scheduled for Nov. 23.