Ohio's Intel project triggers housing fears in tight market

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Intel’s announcement of a $20 billion manufacturing operation bringing thousands of jobs to central Ohio has been greeted as an economic boon.

But behind that enthusiasm lurked a pressing question.

Experts agree that years of underbuilding dating to the Great Recession of 2008 has caused widespread housing shortages. Nationally, the country is short about 1 million homes, according to Rob Dietz, senior economist at the National Association of Home Builders. The National Apartment Association estimates a rental shortage of about 600,000 units.

The challenge for areas like rural Ohio is that they don’t have local employees to build or staff a large project, said Mark Stapp, director of the Center for Real Estate Theory and Practice at Arizona State University. There's neither the housing nor the infrastructure to accommodate the thousands of new arrivals, increasing housing prices and possibly forcing existing residents out.

“We’re not building enough of anything,” said the group's executive director Jon Melchi. Central Ohio, with about 2.4 million residents today, will grow to at least 3 million by 2050, the group said. Affordable housing is crucial for the low-wage workers who keep the economy running, from pre-school teachers to medical assistants, said COHIO executive director Amy Riegel. But housing also has to be viewed on a spectrum: Without enough higher-end properties to purchase, buyers will snap up rentals, which then shuts out workers of limited means.

 

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