READER’S VIEW: Spa City’s Future Success Hinges on Access to Affordable & Workforce Housing
Saratoga Springs, like many other New York communities, faces a cost crisis with regional home prices rising and rents exceeding the national average by 17%. The housing demand in the state’s second-fastest growing municipality shows no signs of abating.
Amidst the uncertainties from Washington, D.C., partnerships at the state and regional levels take on heightened significance. Projects like Sprints West, funded through tax-exempt bonds from NYS Residences & Community Renewal, underscore the Hochul administration’s commitment to affordable housing. Supported by Federal and NYS Low-Income Housing Tax Credits, as well as state subsidy loans, such initiatives are pivotal for New York’s housing landscape.
New York urgently requires more endeavors akin to Sprints West. Governor Hochul has put forth a range of initiatives aimed at addressing the state’s affordability crisis through new construction and preservation efforts.
A diverse range of housing options is crucial for ensuring Saratoga Springs remains an inclusive and equitable community. The city’s long-term viability hinges on expanding affordable housing to enable its workforce to reside within its vibrant environs, fostering full engagement with the town’s unique offerings.
If unaddressed, the affordable housing crisis poses a threat to future economic prospects, as segments like young professionals, seniors, and working families grapple with limited sustainable housing choices.
