“I know what you’re thinking. Ballot Issue 2R sounds great, Mike, but where is all that money going?”
The city of Denver skyline at dusk in Denver on Jan. 2, 2024. It was with some mixture of excitement, pride and dread that I took my 16-year-old son and his friends to visit colleges in October.
These stories aren’t unique to my family. I hear them all across Denver, whether it’s the new mom whose retired parents moved in down the block to help out with the kids, but now can’t afford the rent, or the nurse who works the night shift, but lives every month in fear that her landlord will raise the rent again and she won’t be able to keep her kids in the school they love.
I know what you’re thinking. That sounds great, Mike, but where is all that money going? The funds raised through Affordable Denver will support people who make up to 100% of the area median income, meaning a family of four making up to $100,000 a year could be eligible. Second, we will create housing where people don’t have to pay more than 30% of their income to rent. So, for example, if your family makes $80,000 a year, you shouldn’t pay more than $2,000 for rent a month.
Second, when affordable units go up for sale, the city can jump in and buy the property to keep it affordable long-term. With more affordable units on the market, a senior living on a fixed income could get housing that fits within their budget.
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