CITY of ALBUQUERQUE
TWENTY FIFTH COUNCIL
COUNCIL BILL NO. M-22-7 ENACTMENT NO. ________________________
SPONSORED BY: Isaac Benton, Pat Davis, Tammy Fiebelkorn
MEMORIAL
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The City Of Albuquerque City Council Urges The First Session Of The 56th Legislature To Adopt Legislation Providing For The Creation Of Regional Housing Authority That Are Independent Government Units (Benton, Davis, Fiebelkorn)
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WHEREAS, New Mexico, as is the United States as a whole, is facing a housing crisis. In 2021 half of Americans Surveyed said housing was a major problem as the national median price for a home has surged over 25% in the past few years, the national vacancy rate for apartments has fallen below six percent and rents have risen over 18% nationwide; and
WHEREAS, a variety of factors have set the stage for the financial challenges American homeowners and renters have been facing in the housing market, including incomes that have not kept pace with housing cost increases, supply chain and construction labor shortages that have increased the cost of materials and labor, the recent increases in interest rates, and the entrance into the market of several million Americans reaching the age when people form households; and
WHEREAS, in 2020, a third of American households were headed by renters and 46% of renters spent 30% or more of their income on housing, including 23% who spend at least 50% of their income. The high rate of overall income expended on housing by renters is of particular concern as the demographic of renters tends to skew towards lower-income households which are facing affordability issues with other major life-sustaining needs including food, clothing, and medical care; and
WHEREAS, a 2022 report by the New Mexico Housing Authority found that the State was short 32,000 housing units that are affordable to the poorest New Mexicans who make less than 30% of area median household income; and
WHEREAS, Statew...
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