MADISON – During Tuesday’s Assembly floor session, Representative Karen Hurd (R-Withee) supported a legislative package aimed at reducing housing costs and increasing Wisconsin’s housing supply.
“The lack of affordable housing is a problem throughout the 69th Assembly District and across Wisconsin,” said Rep. Hurd. “Our young people are struggling to achieve the American dream of owning a home, and the shortage of affordable housing is making it difficult for employers to attract and retain the employees they need to sustain or grow their businesses.”
According to a study by Forward Analytics, Wisconsin needs 140,000 new housing units by 2030. In addition, the median home price in Wisconsin has grown much faster than the rate of inflation. In 2015, the median home price was $160,500, but today it’s $338,000.
“For our state to prosper, we must take steps to address Wisconsin’s housing crisis,” said Rep. Hurd. “Making it easier and more cost-effective for developers to build affordable housing will help increase the housing stock, which in turn will help stabilize housing prices.”
Included in this package is a proposal that would allow local governments to create residential tax increment districts (TIDs). This will allow these communities to reinvest new tax revenues to pay for infrastructure needed to support these developments, such as roads, sewer, and water. Another bill streamlines the local zoning process to make it easier for developers to get residential projects underway. Government regulations can increase the cost of building a new home by tens of thousands of dollars.
“These bills, along with the others in this legislative package, are a big step toward a stronger, more affordable housing market,” said Rep. Hurd. “New tools like residential TIDs, paired with the elimination of unnecessary government red tape, will make it easier to build housing and allow more Wisconsinites to achieve the dream of owning their own home.”
With approval by the Assembly, this package now advances to the State Senate for their consideration.
