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HomeMy WebLinkAbout04-17-23 Public Comment - S. Olech - Housing Affordability Sienna G. Olech Gallatin High School `o Elaine Warn 4455 Annie St. Bozeman Mt, 59718 Apr 3, 2023 Bozeman City Commission 121 N. Rouse Ave Bozeman Mt, 59715 Members of city commission, I've noticed house affordability in Bozeman has been a hot button topic issue in Bozeman politics. Low mortgage rates, low supply, and high demand have been driving home prices through the roof. Not to mention a global pandemic that really i shook things up. This contributed to the rapid growth rate Bozeman has been noticing over the past several years; and it has made affordable housing almost non-existent. According to the site RentCafe, the cost of living in Bozeman, MT is 20% higher than the state average and 22% higher than the national average. Bozeman, MT housing is 62% more expensive than the U.S average. So far the city commission and most people would agree affordable housing is the #1 priority, but tackling this issue on housing will come with many challenges. It's notjust one single factor that makes housing difficult to come by. The amount of people moving to Bozeman, the cost of land, the supply of expensive construction materials, out of state cash-buyers, and our huge lack of inventory are all factors that come into play when thinking of a bozeman's affordable housing issue. Gallatin County is the fastest growing County in Montana. Most new people moving to Bozeman from bigger metropolitan areas feel our housing prices are nothing compared to theirs, so more people continue to move here making housing scarce to people who have been in Bozeman a long time. Bozeman, Montana is known for its high cost of living, including expensive housing prices. There are several ways that housing can be made more affordable in Bozeman: one of the main reasons for the high cost of housing is the limited supply of available housing, so we could increase the supply of affordable housing. Multi-unit buildings are a great way to increase the supply of housing in a limited amount of space. We could also implement rent control measures where that could help to limit rent from increasing an absurd amount, and create more stable and affordable housing options for lower-income individuals and families. However, some people would argue that implementing rental control where rentals are made more affordable would not be beneficial considering high housing prices could be a way of controlling population growth in Bozeman. Less tourism in Montana would be beneficial for housing opportunities. One way we could limit tourism is by reducing the demand for short-term rentals and vacation homes. If there were fewer tourists visiting Bozeman, this could result in more of these properties being contraverted to long-term rentals or put on the market for sale, increasing the overall supply of housing in the area. Overall, a combination of these strategies would help with the issue of housing in bozeman. Thank you for your time and consideration. Warmly, 1 - - i, 7Fd•- ! zt N 1 Sienna Olech I i I I F K