Affordable housing is a problem.
As the owner of the Barrington Group Real Estate company in Parker, Colorado, I know first-hand. There is no proof that more affordable housing options will be created with the proposed Colorado Senate Bill 23-213.
Unintended Consequences of Colorado Construction Defect Action Reform Act
The state capitol is shouting “build more housing now!” This one-size fits all approach to our affordable housing issues, offers no solutions. And, in fact, it will create more problems just like the Colorado Construction Defect Action Reform Act (CDARA) did. The Colorado General Assembly enacted the law in 2001 and amended it in 2003. It was intended to protect homeowners from shoddy construction work. The unintended consequences it created toward affordable housing in Colorado has been devastating. Builders had to stop building affordable housing, like condos, because of the frivolous lawsuits and skyrocketing insurance costs.
It simply made it cost prohibitive.
Because builders were, and still are, reluctant to build affordable housing, this is what led to the shortage of affordable homes in Colorado. In turn, it has led to higher home prices and rents, making it very difficult for low-income families and individuals to find affordable housing.
The Colorado Construction Defect Law failed miserably at striking a balance between consumer protection and affordable housing. It ultimately hurt the very people it was meant to help.
Colorado Senate Bill 23-213
Colorado Senate Bill 23-213 puts a singular state agency in charge, and that is a scary government. In order to address our affordable housing problems, it is going to take all cities, towns, counties, and the state working together.
If you want to learn more about this bill and how you can oppose it, then give me a call.
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