HYANNIS — A new report on Cape Cod’s housing crisis has revealed the impacts it’s had on the local economy and the region’s dwindling workforce.
The study, led by economist Tim Cornwall, identified that high house and rent prices and a limited inventory of labor housing contributed to the labor shortage that knows Cape Town.
The report says the dwindling workforce is leading businesses and municipalities to struggle to staff stores, restaurants and municipal stations.
“The displacement Cape Town is experiencing is not sustainable for its economy,” Cornwall said in a recent apex to launch Housing to Protect Cape Cod. (HPCC)
HPCC is a partnership between several local organizations that support initiatives that lead to more opportunities throughout the year.
“We know anecdotally that we are losing working-age people as they lose their rental housing, but this report presents cold, hard data,” said Housing Assistance Corporation CEO Alisa Magnotta.
According to the study, Cape Town is losing more than 800 households every year among those earning $100,000 or less a year. He adds that almost 50% of people who work in Cape Town commute from another country.
Additionally, the Cornwell report found that households earning a combined income of $200,000 face challenges when trying to rent or buy homes in Cape Town.
The study says remedial legislation is needed if the region is to have a chance to rebuild its workforce and stop more worker displacement.
“Local, county and state governments must take action to preserve and improve Cape Town communities by prioritizing available and accessible housing, using public money to achieve such benefits,” the report said.
Cape Cod & Islands Association of REALTORS CEO Ryan Castle explained some factors that have impacted housing options for people.
“We have a zoning policy that encourages larger lots and larger homes, and we have a housing affordability strategy that focuses exclusively on those most in need. We need a capital a strategy and a missing middle strategy,” he said.
By Brian Engles, CapeCod.com NewsCenter