ProJo: Editorial: R.I. isn't building enough homes
Rhode Islanders who have made owning a home their biggest investment are happy to see values finally rising, after the frightening declines of the Great Recession. But the rise in home values isn't helping everyone.
More than a decade after advocates said Rhode Island has a housing affordability crisis, renters continue to face a short supply and high prices, with a typical two-bedroom apartment costing more than $1,000 a month. First-time home buyers trying to scrape together enough for a purchase face prices in most communities that are beyond the reach of families earning the median income.
Children are impacted too. According to the latest Rhode Island Kids Count Factbook, high housing costs last year sent nearly 1,000 children into homeless shelters and other types of emergency housing.
Here's the real problem: Rhode Island has for more than a decade had one of the lowest rates of housing production in the country, both in total numbers and on a per capita basis. According to new U.S. Census figures, Rhode Island cities and towns last year issued permits for only 1,156 new houses — the fewest of any state.
Courtesy of Providence Journal