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To declare a housing crisis in the city of Richmond.
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WHEREAS, on May 16, 2022, the Biden-Harris Administration announced new actions to ease the burden of housing costs, which further illustrated housing affordability and insecurity as a national crisis; and
WHEREAS, 21,000,000 households paid more than 30 percent of their income and one out of five homeowners paid more than they could afford, leaving them with too little to spend on other equally important expenses; and
WHEREAS, 86 percent of extremely low-income renters in the Commonwealth of Virginia and in the city of Richmond and the surrounding area are paying more than 30 percent of their income on housing costs; and
WHEREAS, more than 60 percent of Virginia renters saw rent increases this year; and
AYES:
9
NOES:
0
ABSTAIN:
ADOPTED:
APR 10 2023
REJECTED:
STRICKEN:
WHEREAS, approximately 72 percent and 77 percent of Black and Latino households had their rents increase this year, and 60 percent of Latino renters had rent increases of greater than $100 per month; and
WHEREAS, there is a 3,800,000 national shortage of housing units for sale or rent, a 165,574-unit shortage for the Commonwealth of Virginia, and a 23,320-unit shortage for the city of Richmond and the surrounding area; and
WHEREAS, one in five homes in the city of Richmond are sold to out-of-state corporate investors who are renting at higher rates than traditional landlords or flipping homes that exponentially exceed original sale prices; and
WHEREAS, low housing inventory that lacks true affordability will continue upward pressure on rent and mortgage costs; and
WHEREAS, housing insecurity for working families has increased due to a lack of housing supply, rising cost in rental units, constrained pathways to homeownership, stagnant wages, and high inflation; and
WHEREAS, upon information and belief of the Council and the Mayor, the city of Richmond is ex...
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