Albuquerque is at a critical juncture where the future of its economy depends significantly on addressing its housing crisis.The city faces a pressing need to update its Integrated Development Ordinance (IDO) to facilitate the construction of much-needed housing.Currently, housing is identified as the primary economic constraint limiting Albuquerque's growth, as the lack of available homes directly impacts job creation and retention.
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abqjournal.comThe relationship between housing and economic vitality is clear.Companies looking to expand or relocate often prioritize the availability of housing for their employees over tax incentives or other financial considerations.If Albuquerque cannot provide satisfactory answers to the question, "Where will my people live?" potential employers may choose to set up shop elsewhere.
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abqjournal.comThis trend has been observed in other cities like Minneapolis, Austin, and Denver, which have successfully reformed their zoning codes to stimulate housing development and, consequently, economic growth.
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abqjournal.comThe urgency of the housing situation in Albuquerque is underscored by projections indicating a potential shortfall of approximately 30,000 housing units by 2040.This deficit is expected to exacerbate rising rents and home prices, affecting families across all income levels.Many residents are already feeling the strain, with affordable housing options becoming increasingly scarce, leading to a phenomenon where young families are forced to "drive until they qualify" for homes, often moving further away from their jobs and community.
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abqjournal.comThe proposed IDO reforms aim to accelerate housing production and create a variety of housing types, including starter homes, townhomes, and workforce units.This approach not only addresses the immediate housing shortage but also promotes sustainable urban development by encouraging density in appropriate areas, enhancing walkability, and supporting local businesses.
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abqjournal.comBy utilizing existing infrastructure, these reforms can also save taxpayer dollars and bolster the city's financial resilience.
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abqjournal.comMoreover, the housing crisis is not merely an economic issue; it is also a public health concern.A lack of affordable housing contributes to homelessness and housing instability, which can have far-reaching effects on community health and safety.Initiatives like Housing Now ABQ emphasize the importance of housing as critical infrastructure, aiming to modernize outdated regulations and unlock new housing types to meet the diverse needs of Albuquerque's residents.
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cabq.govThe benefits of addressing the housing shortage extend beyond mere numbers.Real people are affected by these issues—parents unable to afford homes for their children, seniors seeking to downsize, and essential workers like teachers and nurses who struggle to find affordable housing near their workplaces.
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abqjournal.comThe proposed reforms are designed to create a more inclusive and connected community, where families can thrive and businesses can flourish.Sustainable growth is essential for Albuquerque's future.The city must avoid the pitfalls of endless outward expansion, which can lead to increased costs for infrastructure and services.Instead, focusing on smart, incremental development within existing neighborhoods can enhance community vibrancy and safety while supporting local economies.
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abqjournal.comIn conclusion, the proposed IDO reforms represent a crucial first step toward building a more resilient and prosperous Albuquerque.By prioritizing housing development, the city can create opportunities for families, support local businesses, and ensure that Albuquerque remains an attractive place for future generations.Housing is not just about shelter; it is about shaping the kind of city Albuquerque aspires to be.
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abqjournal.comThe time for action is now.By embracing these reforms, Albuquerque can lay the groundwork for a thriving economy and a vibrant community where everyone has a place to call home.
