On Monday, Denver's City Council voted unanimously in favor of a local construction defects ordinance that had been proposed by the Hancock administration; council members will cast a final vote on the measure next week. If Denver passes the measure at that time it will join eight other cities that have advanced this reform. Councils have been seeking to reverse the status quo in which for-sale condominium starts are at a virtual standstill; the vast majority of all new multifamily housing units under construction are for-rent apartments.  Prices for both rentals and single family homes are at record highs.

Many have noted that Colorado is becoming a magnet for workers from across the nation, and is particularly attractive for young millennials who are in the early stages of their careers - and often in the early stages of starting a family.  Many are finding it difficult to find affordable homes they can buy as the supply is limited and demand is high.  It was noted during the Denver City Council hearing that only 59 of the more than 1100 units under construction downtown are for-sale properties.  If the problem persists it could become more difficult for employers in the area to keep their businesses fully staffed.

We applaud the many city councils that have taken this step to improve the marketplace for home buyers in Colorado.  Still, the issue needs to be resolved on a statewide basis in the legislature; we hope the General Assembly will take note of these developments and pass a reform bill in the coming session that improves the situation for homebuyers across the state.