“Aaron Miripol could make a killing on Wadsworth Station — if he wanted to.
He bought the two-story, 1970s-era 100-unit apartment complex just outside of downtown Denver for about $7 million back in 2012. Two years later, the city’s new light rail system reached Wadsworth Station’s doorstep, and eager investors seeking to buy the property came calling.
“We could double our money,” said Miripol, who heads an affordable housing development company called the Urban Land Conservancy.
There’s just one problem: The complex is home to working class families and retirees, public employees and healthcare workers, who couldn’t afford the rent hikes that would likely follow after such a pricey sale.
“None of the folks living there could stay,” said Miripol.
The tenants of Wadsworth Station are lucky exceptions.
Seemingly overnight, Colorado’s housing market has become unaffordable to many of the state’s residents. Typically, the housing shortages and sky-high rents seen in the state would only exist in tech and finance-heavy metropolises, like New York or San Francisco. But a sudden influx of new people has left Colorado unable to meet demand or help those who’ve been displaced.
A recent report by government-backed mortgage giant Freddie Mac found that the amount of housing in Colorado that was affordable to people making less than half of the median income had plunged by more than 75% between 2010 and 2016 — one of the biggest decreases in the country.”
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DePillis, Lydia. CNN Money 1 November 2017.