SIGNED! New Law to Reduce the Cost of Housing
DENVER, CO – Governor Jared Polis today signed into law new legislation that will eliminate arbitrary caps on building new housing that drive up costs for families in order to save people money on housing, improve our environment and increase our housing supply.
“This new law will reduce the cost of housing, increase the number of homes on the market, and help Coloradans afford to stay and live in the communities they love,” said Rep. William Lindstedt, D-Broomfield. “Arbitrary local growth regulations drive up the cost of housing, lead to longer commutes, increase water use and hurt our air quality while putting increasing pressure on neighboring communities that impacts their ability to provide the critical services Coloradans need to thrive. We’re tossing these cost-increasing regulations into the dustbin of failed housing policies and are moving forward with bold solutions that will save families money.”
"Colorado needs more housing," Sen. Julie Gonzales, D-Denver, said. "Eliminating arbitrary growth caps will increase supply and allow more Coloradans to remain in the communities they currently live and work in. I’m proud to champion policy that will help communities keep up with ongoing growth, ease displacement, and help us meet our housing needs."
“By getting rid of limits on how many homes can be built, we’ll increase our housing supply, lower costs for families, and help more Coloradans find a place to live they can afford,” said Rep. Ruby Dickson, D-Centennial. “Cutting red tape and out-of-date regulations for new home construction will help Colorado meet our housing needs, improve affordability, and reduce commute times. This will help Coloradans live closer to their jobs, schools, and loved ones while improving our air quality and our environment."
HB23-1255, sponsored by Representatives William Lindstedt and Ruby Dickson and Senator Julie Gonzales, prevents local governments from enacting and enforcing housing growth restrictions that limit housing development to a certain number of building permits or approvals without a transparent process and fair consideration of a proposal’s merits. The law will create more housing options for every budget so Coloradans can afford to stay in their communities without being priced out. Removing growth limits will improve air quality, protect open space, conserve water, create jobs and help local communities plan for future growth.
Under the law, local governments are not required to accept any specific developments or projects, but they cannot reject a proposal simply due to an arbitrary growth cap. There are exceptions to the prohibition, which allow temporary moratoria in cases of a declared disaster emergency, for the purpose of updating land use plans and laws, or acquiring public infrastructure or water resources.