Livable Raleigh Seeks $200M Housing Bond

0:00What's up? I'm Corey, and these are your headlines from Durham News today. A citizens group called Liveable Raleigh is pushing for a $200 million housing bond on Raleigh's fall ballot. That's double the $101,500,000 that city staff proposed back in February. They say the city's plan is too small to tackle the growing affordability crisis. The group points to city data showing over 51,000 low and modern income households spending more than a third of their earnings on rent, or mortgages, nearly half are shelling out over 50%. Liveable Raleigh has teamed up with OneWake, another community coalition, both calling for that larger bond to build and preserve affordable units. City council members have been cautious. Not everyone supported the $200 million ask at a recent meeting. Past bond failures in Wake County, like Corey's $30 million housing measure that tank last year, have leaders worried about voter pushback. A big school bond from the county could also compete for taxpayer dollars this fall.

1:04City staff argue that building more housing overall helps. Noting Raleigh's recent 5.5% jump in new units led to a 7.9% drop in rents. Their bond plan would fund development, homebuyer aid, homelessness help, and mixed income projects. Liveable Raleigh wants more than just the bond. They're urging developers to chip in on rezoning projects, add 20% affordable family units along transit lines, and pay $50,000 per unit into a housing fund elsewhere. They say it's time builders share profits from the hot luxury market, appreciation to our sponsor for backing this episode. When you want calm, do not reach for your phone. Lay back and listen, S-O-L-I, solelypillow.com.