Madison – Representative Gae Magnafici wholeheartedly supports a comprehensive set of bills to fortify workforce housing development throughout Wisconsin.
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The state of Wisconsin currently faces a pressing housing shortage. Housing inventory levels statewide have reached an all-time low while median home prices continue to escalate. Over the past decade, Wisconsin's annual production of single-family homes has dropped by 10,000. Furthermore, the construction costs for a single-family home have surged by more than 35% since 2020. Additionally, the housing development process needs to be improved by burdensome government regulations that result in high costs and unnecessary delays.
"Recruiting new employees to fill job openings is often hindered by the lack of reasonable and appealing housing options," stated Representative Magnafici. "By implementing these innovative measures, we can augment the supply of workforce housing, which is essential for attracting and retaining talent in Wisconsin."
The proposed package encompasses legislation to facilitate the creation of next-generation workforce housing, revitalize housing on main streets, upgrade aging housing, and repurpose vacant commercial developments for residential use. It also includes a provision to increase the low-income housing tax credit from $42 million to $100 million.
"These innovative measures are significant strides towards resolving Wisconsin's housing shortage," remarked Representative Magnafici. "They will facilitate easier access to homeownership, empowering residents across the state to fulfill their dreams."
The legislative package is now being forwarded to the state Senate for further consideration.