The prospect of another interest rate hike is putting recreation-dependent communities nationwide in a difficult position as they work toward affordable housing solutions.
The Federal Reserve is expected to hike interest rates again this month. It would mark the fourth interest rate hike this year as it makes borrowing money even more expensive.
Summit County has 619 square miles of land. On it, there are 31,831 residential units. According to the county, that is 83% of the maximum number of residences allowed by zoning laws. “The tourist economy requires a lot of jobs and a lot of employees, and one of the biggest limiting factors in Summit County is the lack of attainable housing for the local workforce,” said Dietz.
“We need to attain more diversity. You need smaller houses. You know, the barrier to entry is very, very difficult,” said Johnny Schwartz, a founding member of Able Construction, which develops high-end homes in the Northeast.
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