Mr. Hayes is a real estate broker who owns 20 rentals; but he knows diddley- squat about economics. To prove it, he said, “You can’t say that rapid growth has kept housing prices down.” It’s because demand for housing by way of household growth has greatly exceeded construction growth. Second, he said, “I think the slower growth would be a great benefit. Cities with slow growth have the highest paying jobs. Look at Denver and Boulder.” Slower growth is NOT causation for higher paying jobs though. In Boulder, it’s the other way around, limited housing growth led to higher home prices which led to higher salaries.

Their initiative is currently being reviewed by the state Supreme Court and then they will need to collect 98k signatures from CO residents to get their initiative on the ballot. Thankfully, it would take a 55% majority to vote this initiative into law.

Here’s the truth from Scott Thorson, chief operating officer at Oakwood Homes, who said, “This will bring our economy to a halt. You don’t bring affordability to a market BY REDUCING SUPPLY.” AMEN!!!

If the caps are approved the Front Range would see 26,000 fewer homes and apartments built in 2019 and 2020. OMG! Our real estate market would for sure become like the Bay Area with prices of over $1 million probably within 10 years.

So, how do we stop this initiative? We need to let our clients and SOI know how devastating this initiative would be and ask them to NOT SIGN THE PETITION TO PUT THIS INITIATIVE ON THE BALLOT.