The Vermont Futures Project sent a press release this week introducing The Moment is Now to Improve the Health of Housing.
We are presenting this white paper stating that the moment is now to create a long-term, comprehensive plan to address our housing crisis. In 2016, The Vermont Futures Project set a target for 5,000 new or retrofitted housing units per year to meet the critical need for homes across Vermont. Housing was a need five years ago, and as we strive to recover from the pandemic-caused economic downturn, the health of Vermont’s housing market is under more stress than ever.
Vermont produced several thousand homes each year in the 1960s through the 1990s. By 2014 residential building permits dropped to 1,546, which was half of 2005 levels and the most recent data shows 1801 units built in 2019 .The result is an aging housing stock, tight supply and rising prices all across Vermont and near employment centers, forcing people to make difficult choices about how and where to live. The pandemic has exacerbated demand pushing many out of market. On a positive note, Vermont has become a desirable destination to settle so the urgency for action is now and our future depends on it (see attached Boston Globe article).
We welcome your comments so we hope you will take time to read this paper and support our efforts to improve Vermont’s housing economy. As always, thank you for your support and commitment to our work.
Stay Safe and Well,
Vermont Futures Project