Why Salt Lake City wants to add 10K new housing units in the next 5 years

Utah's capital city is already on the rise, but now city officials are close to adopting a new housing plan that calls for thousands of more housing units to be added over the next five years as they try to balance out demand and housing affordability. Their top goal is to close a gap of 5,500 units of deeply affordable housing units, identified as residents who make 30% of the county’s area median income or less.

That's why the proposed plan calls on the city to entitle 10,000 new housing units throughout the city over the next five years, with at least 2,000 of those being set aside for deeply affordable and another 2,000 or more set aside for affordable housing, for people making 31% to 80% of the area median income.

The department would also track and analyze housing stability issues — people who have trouble paying rent or people who frequently move because of housing affordability — as a part of this goal.

The plan's third and final goal is to "build equitable and fair housing," through about 1,000 homeownership opportunities for low- to-moderate-income households. Department officials said the plan was crafted over the past year with help from various departments and feedback from more than 6,500 residents, 45% of whom are renters who shared their housing experiences in the city.

https://www.ksl.com/article/50656137/why-salt-lake-city-wants-to-add-10k-new-housing-units-in-the-next-5-years