Housing affordability crisis: developers seek tax relief, predictability
Key Questions
Why do affordable housing developers say state funding is ineffective?
The $500 million in one-time funding is undermined by property tax reassessments that freeze the market. Developers report a 66,000-unit underbuilding gap and call for tax relief plus predictable funding streams.
What policy changes are housing developers requesting from lawmakers?
They seek ongoing tax relief and multi-year funding commitments to support consistent housing production. Current bottlenecks have limited the impact of recent large state investments.
How do rising gas prices affect New Mexico's housing affordability efforts?
Gas prices above $4 add to cost-of-living pressures for residents. The governor has proposed a $250 gas rebate plan in response to these broader affordability challenges.
Affordable housing developers tell lawmakers that $500M in state funding is ineffective due to one-time nature and property tax reassessments freezing the market. A 66,000-unit underbuilding gap exists. Policy bottleneck threatens housing production despite large investments. Developers call for tax relief and predictable funding streams. Meanwhile, gas prices have risen above $4 and the governor has proposed a $250 gas rebate plan, adding to cost-of-living pressures.