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ProJo: My Turn: Cortney Nicolato: Can we restart the economy with a commitment to housing?

on May 27, 2020 in All News, Rhode Island by Amy Cola

By Cortney Nicolato

 Posted: May 18, 2020 at 5:01 PM

 Three months ago, Rhode Island’s economy was as strong as it’s been in nearly 30 years. Unemployment was low, businesses were hiring. Today, our economy has been stopped in its tracks by the health crisis.

 While the economy was growing, we were already facing a housing crisis. Before COVID-19, 35 percent of Rhode Island families were spending more than 30 percent of their income on rents and mortgages. With a median household income of about $63,000, families earning less than $70,000 can’t afford to buy a home in 35 of the state’s 39 cities and towns.

 Our families are priced out of the housing market, in part, because Rhode Island has a dire lack of housing stock.

To view the complete article, visit Providence Journal

Courtesy of Providence Journal 

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