By Real Estate Daily News
Arizona is grappling with a severe housing crisis, a situation underscored by a staggering shortage of 270,000 homes across the state was revealed by a special state legislature housing committee in December 2022. This crisis is not just a statistic; it’s a reality that squeezes the budget of middle-class families and pushes low-income families into homelessness. The severity of the situation is such that 80% of voters, regardless of political leanings, agree that housing costs are spiraling.
Last year, Arizona Legislators, in a rare show of bipartisan unity, acknowledged the housing crisis and pledged to find solutions in the 2023 session. However, despite these promises, no major bill was passed to address the situation.
After initially vetoing a housing bill earlier this session, Gov. Katie Hobbs signed a revised one on April 10. This bill will allow cities to swiftly convert some commercial buildings into residential uses, a significant step towards alleviating the housing crisis.
