Land use decisions can sometimes feel like they are more art than science.
While community input is an important part of the process, applicants often hear strong opinions voiced as if they were facts. Throughout this process, it’s easy to forget that many of these issues have been studied extensively by professional economists and scholars.
Home Arizona commissioned Elliot D. Pollack and Company to compile extensive data on the state of Arizona’s housing market. A few immutable truths emerged from this data:
1. the Phoenix MSA faces a meaningful housing shortage,
2. building additional supply is the only solution to this problem, and
3. though the housing market may experience temporary volatility, over the long term, a failure to build the necessary supply will result in an increase in housing costs of all types.
As housing and rental prices continue to rise, Arizona will become less affordable and its economy will suffer as a result.DEC-2022-Housing-Supply-Demand-Analysis-Home-Arizona