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Vermont has a shortage of housing, and while there are several causes of this shortage, economists acknowledge that COVID seriously disrupted the housing market. Here in Vermont, we saw an influx of “flatlanders” seeking immediate housing outside population centers, who had large amounts of cash, needing no mortgages, who consequently drove up the price of housing.
Then the Federal Reserve increased interest rates, decreasing demand on the part of buyers who needed mortgages, and causing the number of new homes in the “pipeline” to decrease, meaning that there is now a shortage of new housing. But there are additional issues as well: environmental requirements that are stricter than federal requirements; investigations related to historic preservation and archeological studies; and a permitting process that seems to have no end!
And as for rental real estate, Vermont’s laws are decidedly in favor of the tenant; eviction proceedings seem to take forever, and there are local proposals pending to eliminate so-called “no fault” evictions. So why is there a shortage of rental housing in Vermont, you ask? Who in his right mind would want to be a landlord in this state?
The result of all this is that the cost of housing in Vermont has been driven sky high, with new, single-bedroom, government-subsidized housing often exceeding $500,000 per unit! This makes little sense, and there are a few things the legislature can do to fix these problems other than just throwing money at the problem:
- Relax state regulations relating to asbestos and chemicals such as PCBs so they do not exceed federal standards;
- Exempt from Act 250 review suburban and rural housing that meets approved local standards, thus providing suburban and rural housing the same treatment that the legislature provided this past session for city and town centers;
- Create a special landlord/tenant docket so these cases can proceed through court more efficiently, and make clear that the legislature will not approve any effort to eliminate “no fault” evictions;
- Encourage rehabilitation of existing housing stock, offering subsidies for such action, but limiting the subsidies so the total cost of construction does not exceed the average cost of non-subsidized construction.
Koch can be reached by email at KochforVermont@gmail.com, and his website is www.DonaldKochforVT.org
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Categories: Opinion
The Dem socialist government is committed to high taxation, including taxing social security, high property taxes, a tax on the transfer of property even requiring new mobile home home owners to construct foundations instead of using piers and blocks.
The state does everything it can to increase the cost of housing and living. So it’s no surprise that young families will move away and only a trickle of the rich move in. Vermont has fantastic beauty, but its taxation policy is ugly.
How will this change? Never. Except it will get worse. Liberals are always committed to taking away money from the middle class to support just causes.
My property taxes went from 1800 to 2500 on a one bedroom condo assessed at 159,000. So we will enjoy one more ski season and then sell and leave. I’m not putting up with it. I was going to start a media business here, like I have in Miss. Bit changed my mind. The business climate is poor and taxation high, compared to Miss. and Fla., my other location.
I’m not going to pay through the nose to look at mountains.
Ending the Current Use Program in Vermont would help alleviate these problems.
Vermont is lucky to have second homes/weekend homes/tourism supported through out-of-state monies. There is an entire department called “Tourism” in VT dedicated to facilitating attracting out-of-state fellow Americans to the beauty of VT.
Second homeowners pay higher tax rates which support the state’s tax base, & tourists bring in millions annually through rentals/motel stays/State Park camping & hunting, etc.
Give everyone a break. THROUGHOUT the USA, hard-working Americans purchase homes in other states from California to Maine…..this scenario is NOT restricted to VT; perhaps try to get out more??
Be careful what you wish for. Keep up your democrat-style philosophies & WATCH as those “nasty” NY citizens flee Vermont due to the high crime, the drugs, & the homelessness the left has BRED here & watch your state become barren like Bennington has & like where Burlington is going…..
Stop DEMONIZING fellow innocent hard-working fellow Americans who have the means to purchase weekend homes with the Constitutional right as they so choose & Stop implementing the actual leftist policies that are destroying this state like in wanting the GOVERNMENT to CONTROL the housing market. Just say “NO” to Communism.
Again? LACK of “affordable” housing???? LOL. Try Realtor.com.
Yeah, Vermont is lucky to have second (and third and fourth and etc.)
“home”owners but their current use tax break should be eliminated.
Like you said, they have the means.