Before the Housing Bubble burst in 2008, a colleague moved into a brand-new home in the exurbs. A few months later, I asked how he liked his neighbors.
“No idea,” he said. “They all live in California.”
Like many new developments back then, speculators gobbled up much of the new housing to resell later and, maybe, rent in the meantime.
Things haven’t changed a lot since. In Maricopa County alone, 26% of houses are used seasonally or are owned by outside investors.
Arizona is nearly 270,000 housing units short of demand, according to the state Department of Housing, thanks in part to zoning rules, NIMBY opposition and general red tape.
That’s a far sight better than California’s shortage of 3.5 million residences, but it’s still far too high. Unlike our neighbor to the west, Arizona is doing something to fix it.
Republicans and Democrats united to pass two bipartisan bills signed by Gov. Katie Hobbs this week.
House Bill 2720 legalized casitas........