HomeMy WebLinkAbout12-18-23 Public Comment - M. Egge - Re_ Comment re_ Public Housing AuthorityFrom:Mark Egge
To:Agenda
Subject:[EXTERNAL]Re: Comment re: Public Housing Authority
Date:Tuesday, December 12, 2023 2:25:06 PM
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Post script amending my previous comment: it has been brought to my attention that the mostrecent vacancy rate estimates are quite a bit higher than the 1.2% reported for Q2 2023 with thearrival of 700 new apartments. It will take some time for these units to be absorbed. The vacancy
rates in the for-purchase market remain alarmingly low and as does the supply of available starthomes.
On Mon, Dec 11, 2023 at 5:03 PM Mark Egge <mark@eateggs.com> wrote:
Madam Mayor, Mr. Deputy Mayor, and Commissioners:
As you consider the public housing authority petition, I'd like to call to your attention several factsfrom the city's recent "2023 Economic and Market Update" report, prepared for the city by EPS:
1) Since 2010, Bozeman's population has grown 8% faster than the rate of increase in housingunits. Since housing is an essential good, even small imbalances between supply and demand cancreate dramatic price increases.
2) As of Q2 2023, Bozeman's rental vacancy rate is a dire 1.2% (compared to a relatively
healthy 4.3% in 2015). In general, 5% vacancy is considered to be healthy.
Per the Montana Housing Situation Report(https://dataportal.mt.gov/t/DOC/views/MontanaHousingSituationReport/), statewide homeowner
vacancy rates have halved since 2017, also to dire levels.
The lack of adequate housing supply has driven prices sky-high and sky-high prices are displacingBozeman's middle and working class residents at an alarming rate.
As you consider the petition, I would urge you to use this opportunity to point out and highlightthe severe shortage of housing. We see the housing shortage in the sky-high housing prices andrecord-low vacancy rates. Perhaps the most visible manifestation of Bozeman's housing shortageis in the dramatic increase in people living on the streets. An increasing body of evidence showsthat the number one driver of homelessness is a lack of available homes. This graphic from
research published by researchers at PEW last week sums it up:
Understanding the lack of housing supply available in the community is essential for creatingcommunity buy-in for measures intended to increase the abundance and attainability of housing.This understanding is not universally shared. For instance, Take Back Bozeman has distributed
talking points claiming that vacancy rates are above 5%. I urge you to cite the city's ownresearch and set the record straight. Bozeman needs more housing!
Thank you,
Mark
Mark Egge1548 S Grand Ave
Bozeman, MT 59715
-- Mark Egge(406) 548-4488he / him