Photo Credit: therealdeal.com
If you read this blog regularly, we don’t have to tell you: the rental crisis is real, it is truly rearing its ugly head in Arizona, and while multifaceted, one of the biggest drivers of it is a shortage in supply. This is why we’ve been shouting from the rooftops about the need for additional housing supply, and there are few better ways to increase that supply than with multifamily housing.
This is why we truly appreciate the insight of Larry Kush and his consistent advocacy for the proper solutions for this issue. As he so very aptly points out, the population of Scottsdale has increased significantly, but the amount of housing hasn’t come close to keeping pace. Check out these numbers, courtesy of Mr. Kush:
The numbers speak for themselves: an increase in population of 9,159 per year since 2020, but only 1,333 housing units added per year. Unless these units hold eight people apiece (said with mild sarcasm, then it’s clear that they are not keeping up with demand, and the median home price clearly reflects that. It is, after all, Economics 101.
According to Kush’s calculations, the population is growing at three times the pace of building, and with no clear signs of slowing significantly (let alone reversing). We also submit numbers on where both north and south Scottsdale rank when it comes to the number of multifamily units, and the numbers are grim and exclusionary. While we don’t need to be at the top of these rankings, we also shouldn’t be near the bottom either.
And those numbers directly play into costs, and while we are certainly comfortable with paying a premium to live in such a wonderful place, it has clearly gotten out of hand.
We tip our hat once again to the wise words and analysis from Larry Kush, and as always we ask our elected officials to not let perfect be the enemy of good, and to build, baby, build