By Cecilia Chan | Gilbert Sun News
Gilbert and the rest of the Phoenix Metro area must build their way out of the current housing deficit quickly or face economic catastrophe down the road, a noted Valley economist is warning local officials.
The housing shortage is just not dire in Arizona but throughout the country, economist Elliott Pollack told Gilbert Town Council as part of a presentation he is giving to a wide group of municipal bodies in the Valley.
“Affordability is falling but it’s about to plummet,” Pollack said. “There’s virtually no vacancy or available units. Supply has not kept paced with demand and our success as a community in attracting jobs and people has not been matched by a sufficient increase in the housing supply for those new employees and a continued shortage of housing is going to drive up costs and threaten economic development efforts.
