Oklahoma City -- An editorial in the Enid News & Eagle this week focused on an advocacy group's conference promoting discussion "challenges, solutions" to Oklahoma's "housing issues." Organizers of the event advanced the idea that the state has a challenging environment for affordable living space for low- and moderate-income residents.
The event, organized by the Oklahoma Academy, deemed the situation as "an affordable housing crisis," leading the editorial writer to conclude: "State leaders must get together and reach a consensus to implement the proposals to help Oklahomans get into safe housing."
( https://www.enidnews.com/oklahoma/editorial-town-hall-discusses-challenges-solutions-to-states-housing-issues/article_7603a05a-ebd7-11ee-b099-1780e8f89cb6.html )
One analysis of Oklahoma costs as recently as 2021 ("Rent.com") described the cost of living in Oklahoma City as "12.8 percent lower than the national average," pointing out the cost had edged up 1.4 percent during early stages of the COVID pandemic. But the staff report drawn from the Rent.com opined the capital city "very affordable for most people."
( https://www.citynewsokc.com/community/rent-com-survey-finds-okc-metro-among-the-nations-most-affordable/article_f48d4684-3cc9-11ec-80fc-8bb546954568.html )
The report said overall housing costs in Oklahoma City were "24 percent loser than the national average," but edging up. It also detailed rent prices in the metropolitan area and elsewhere in the state considered affordable, in Lawton, Edmond, Moore, Norman and Tulsa.
For all levels of income, a CityNewsOKC story last summer reported data that listed Oklahoma City as well-positioned for starter homes and over all affordability.
( https://www.citynewsokc.com/news/oklahoma-city-places-high-for-starter-homes-and-affordability/article_e26e6976-2681-11ee-b1bb-a3ad7670e6f1.html )
The news report pointed to the city as a desirable place "to live, work and play.”
The Old House sang the city's praises: “Using Zillow and Census data This Old House found [Oklahoma City] is the only city that ranks in the top 10 for both best place to purchase a starter home (No.4) and affordability (No. 10).”
( https://www.thisoldhouse.com/storage-organization/reviews/best-cities-to-buy-a-starter-home )
In a CityNewsOKC story last summer, reporter Stacy Martin took note of one effort to sustain affordability in an era when top-driven national inflation has eroded affordability.
She reported ground had been broken for “Fairground Flats, a 216-unit affordable housing community in Oklahoma City,” which slated for completion this year.” The significant $47 million investment combines taxpayer resources with private money. Involved are the Oklahoma Housing Finance Agency, Citibank, Bank of Oklahoma, Raymond James and Oklahoma City Economic Development.
The company TWG “received $2 million in financing from the City of Oklahoma City GOLT Bond Fund. The project also uses low-income housing tax credits. Oklahoma Housing Finance Agency’s communication manager OHFA provided $2.4 million in housing tax credits and $33.6 million in tax-exempt bonds.
“Fairground Flats is designated for residents earning 60 percent of the area median income or less. Plans call for six buildings with one-, two- and three-bedroom apartments.
“Common-area amenities will include a swimming pool, a fitness center, a clubhouse, a playground and computer workstations with internet access. The property will have energy-efficient features, such as Energy Star appliances and LED lighting.”
The project is emerging at “2820 General Pershing Blvd., on a 8.5-acre site near the conjunction of Interstate 44 and Interstate 40.”
The area includes “dining options and retail centers. … University of Oklahoma Medical Center is within 4.4 miles away.”
This is “TWG’s second project in Oklahoma,” Martin reported.
Affordable housing is, as in the past, “among the top policy challenges for the multifamily industry.”
( https://www.citynewsokc.com/community/twg-development-has-broken-ground-on-fairground-flats-an-affordable-housing-complex/article_8c8bc52c-de0a-11ed-8ee3-3bdf40779923.html )
Writing for The Heritage Foundation, EJ Antoni asserted early this winter that "Bidenomics" has in a few short years, "wrecked America's housing market."
One of his reports include this distillation: "[T]he median home price has jumped over 27%, and interest rates have risen from 2.8% to 7.2%" during the presidency of Joe Biden. He argued that as the supply of affordable has shrunk due to inflation, "the continued growth of government, a la Bidenomics, is pushing interest rates skyward."
( https://www.heritage.org/housing/commentary/how-bidenomics-wrecked-americas-housing-market )
Antoni contends that energy costs are driving inflationary pressures even now. He says federal data is undercounting the number of people facing cost pressures to sustain or achieve affordable housing. And, he asserts, "This undercounting of inflation is a key reason why so many people disapprove of the economy despite the official metrics improving."
( https://www.heritage.org/housing/commentary/government-undercounting-housing-inflation )
Despite Oklahoma’s comparable affordability, around the country a range of groups with promotional resources and advocacy experience are using the language of crisis to characterize the state of affairs everywhere in America this year.
Organizations such as "Housing Matters," an arm of the Urban Institute, advocate for permanent subsidy programs to improve availability of affordable residences.
( https://housingmatters.urban.org/feature/housing-first-still-best-approach-ending-homelessness?emci=dfbdb974-04e6-ee11-aaf0-002248223794&emdi=efca0cb8-08e6-ee11-aaf0-002248223794&ceid=1091821 )
At the event hosted in Enid, The Oklahoma Academy presented five policy recommendations, the News & Eagle reported. Those were:
• Oklahoma needs to develop a long-term vision to increase affordable housing for low- to medium-income families in no small part to battle the barrier that the lack of affordable housing presents for workforce development initiatives.
• A Housing Stability Fund be set up, funded and managed to remain perpetual. The Oklahoma Housing Stability Program became law June 2 and took effect July 1. The program provides $215 million for the new construction of single-family homes, multifamily rent housing and homebuyer down payment and closing cost assistance to Oklahomans in rural and urban communities. The Oklahoma Finance Agency is the administrator of the Oklahoma Housing Stability Program.
• Concept known as NIMBY, not in my backyard. The town hall recommended communities should have a comprehensive plan that reflects their values and goals, a plan that is universally shared within the community and informs the zoning process.
• Oklahoma has an affordable housing crisis, and the town hall recommended that solving this crisis must be a priority at every level of government in the state. Instead of restrictive zoning that reduces affordability, the town hall recommended inclusionary zoning within residentially zoned subcategories as a better way to create community in Oklahoma.
• The town hall recommended the state identify ways to incentivize small-scale landlords who rent to vulnerable populations. The state should consider offering a tax credit to landlords who modify their property to be ADA compliant or who accept Section 8 housing vouchers.
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