The rising cost of housing has middle and low-income families moving to try to find housing solutions. The once affordable housing market is shifting; many up-and-coming cities have unstable communities. Different neighborhoods are now showing price changes where housing was once affordable. What can be a solution for the rising cost of housing? Community Land trusts are a working solution.
A community Land trust provides a solution for neighborhood stability. In this article written by Jake Blumgart; it shows ample reason for community land trusts. Whether you are looking to buy a house or rent the price point is determined by popularity of that neighborhood. Even small towns are suffering with high prices in housing. Resort towns with limited employment and low wages are seeing expensive housing because of high tourism. The housing market Adjusting to 2nd and 3rd home buyers. Renting doesn’t get a break either! Even rentals are seeing inflation.
A Community Land Trust
What is a community land trust? A land trust is an agreement managed by a non-profit. The non-profit leases the land but the house is sold and appreciates for the prospective owner. This is so the cost of the house and the land will not skyrocket but continue making it affordable for low income earners.
In this article it lists a few different examples of successful community land trusts. Boasting to be one of the largest is The Champlain Housing Trust in Vermont with over 2,000 units of affordable housing! There are others are in Texas, California and Washington are looking to expand as well. Successful land trusts are built with community involvement; and teamwork builds healthy neighborhoods.
However, expansion and development does not come without complications. In many, already large urban cities it can be hard to find parcels of land with out causing a huge deficit in non-profit budgets. Furthermore, building homes takes funding! Proper management is also important. With out it projects need to have follow-through.
The solution is to start now! Many communities have seen great results from land trusts. Some of these including cleaning up the slums; putting value on a plot of land where there was no value before. Some areas have seen great land development. Not only in housing but also in developments like public greenhouses and community gardens. Even with 250 community land trusts in the US there are still not enough. The key is to live with the future in mind.
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