Denver, CO
Denver voters to decide fate of affordable housing sales tax increase in November
Come November, Denver voters will decide whether to approve a sales tax increase in order to pay for affordable housing.
The Denver City Council on Monday voted to put the proposal on the November ballot.
The measure, which was proposed by Denver Mayor Mike Johnston, would increase the city’s sales tax by 0.5%. Supporters estimate the sales tax increase would generate $100 million per year for affordable housing.
“This proposal would be used to help close the growing housing gap and create more housing opportunities at all levels, from rental assistance and new permanently affordable units to down payment assistance and mortgage assistance,” the City of Denver said in a statement Monday.
City officials said the money would also help with accessory dwelling units (ADUs) for low/middle-income households, increase investment in mixed-income developments, and preserve existing income-restricted homeownership and rental units.
Denver
Denver mayor proposes sales tax increase to expand affordable housing
The proposal received skepticism from members of the Denver City Council’s Safety, Housing, Education and Homelessness Committee, but was ultimately passed on to the full council. During Monday’s city council meeting, some members questioned the timing of the proposal.
“At a time when the cost of living is soaring and families are already burdened with rising property taxes, new sidewalk fees, new trash fees, this is not the moment to impose another fee,” said Councilmember Flor Alvidrez for District 7.
The proposal faced several amendments before a final vote was taken, including a 40-year sunset clause.
“I will say at $100 million a year for 40 years, that’s $4 billion,” said Councilmember Amanda Sawyer for District 5. “So if we can’t solve this in a generation-and-a-half and $4 billion, we can’t solve this.”
According to the City of Denver, recent polling revealed that 90% of Denverites believe the cost of housing is a significant concern. The city also found that it could be short more than 44,000 affordable housing units for low and middle-income people within 10 years, without intervention.
“The heaviest burden on the largest majority of Denverites is housing,” said Councilmember Paul Kashmann for District 6. “And if we can make a dent in easing that, I think it will pale in the increase in the sales tax that we’re asking people to spend.”
The proposal also includes a provision that would allow it to be amended within one year of its passage if needed.
This will be the second measure on the ballot asking Denver voters to increase the city’s sales tax rate. The other ballot measure asks voters to increase the sales tax rate by 0.34% to benefit Denver Health.
Previous coverage of affordable housing sales tax increase
AURORA, Colo. — A pedestrian died Thursday morning after he was hit by a car on southbound E-470, the Aurora Police Department said.
The crash happened around 6:19 a.m. Thursday, according to the E-470 Toll Authority, shutting down the highway between 48th and 56th Aves. for approximately three hours. The stretch of road reopened around 9:24 a.m. Thursday, according to the E-470 Toll Authority.
A 34-year-old man intentionally jumped in front of a white Chevrolet Silverado driving on southbound E-470, according to the initial Colorado State Patrol (CSP) investigation.
- Watch the full Denver7 traffic report in the video player below.
Deadly vehicle, pedestrian crash shuts down stretch of SB E-470: Aurora PD
The driver of the Chervolet was not injured and stayed on scene to assist law enforcement with the investigation, CSP said.
Traffic was diverted off E-470 at 48th Ave. during the closure, the E-470 Toll Authority said, advising drivers to find alternate routes. Northbound E-470 remained open during the fatal crash investigation led by CSP.
Denver7 | Your Voice: Get in touch with Jayson Luber
Denver7 traffic expert Jayson Luber knows Colorado roads like the back of his hand – but he’s always looking for stories impacting transportation in our state for his Driving You Crazy podcast and beyond. If you’d like to get in touch with Jayson, fill out the form below to send him an email.
Denver, CO
New report finds Denver metro home buyers and sellers experiencing ‘unattainability fatigue’
Higher mortgage rates are discouraging buyers and sellers, and slowing market activity along the way across the Denver metro, according to a Denver Metro Association of Realtors May market trends report.
“There’s a lot of fatigue going on, and specifically due to interest rates, Denver has seen a pretty typical 6% average price appreciation, but the last couple of years it’s been relatively flat. However, that’s just kind of made up for the fact that during the pandemic we saw huge appreciation gains,” said Heather O’Leary, a realtor and a member of the Denver Metro Association of Realtors market trends committee.
Watch more of Micah Smith’s interview with Heather O’Leary on the current housing market in the video below.
New report finds Denver metro home buyers and sellers experiencing ‘unattainability fatigue’
O’Leary said from May 2017 to May 2026, the median sale price grew from $382,000 to $615,000, a 6% average annual increase that mirrors the market’s long-run historical norm.
“A median home in the Denver metro area could cost 87% more than it did in 2020 and so buyers are exhausted. That’s where we get the term affordability or unattainability fatigue, because it’s just difficult for them to jump into something. And then sellers are honestly exhausted as well, because they don’t want to have to drop their prices,” O’Leary said.
According to the report, closed sales fell nearly 7% year-over-year, attached-home sales dropped almost 18%, and new listings declined more than 17%.
However, the report found the luxury market is outperforming the broader market.
“Luxury buyers are definitely less affected by interest rates, and we’ve seen 3.1% increase year-over-year in pending sales, and about 5% in closed sales, and that’s really because luxury buyers are less affected by interest rates, because they have more flexibility, potentially more cash and equity in a home,” O’Leary said.
The DMAR Market Trends Committee releases reports monthly, including data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
Denver7
Denver7 | Your Voice: Get in touch with Micah Smith
Micah Smith anchors Denver7’s 4 and 5 p.m. newscasts, and reports on issues impacting all of Colorado’s communities. She specializes in telling stories centered on social equity and hearing voices that are unheard or silenced. If you’d like to get in touch with Micah, fill out the form below to send her an email.
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