Bipartisan Deal At Capitol Will Change Colorado's Housing Market
DENVER (CBS4) - After years of fighting state lawmakers have reached a compromise that will change Colorado's housing market.
Lawmakers are changing rules that limited construction in the metro area.
The state is in a construction boom with new, massive apartment complexes. But the building has come at the price of home ownership and a growing crisis. Now there may be a solution where Democrats and Republicans have what might be a signature win.
"There is more power in collaboration than competition when we stop demonizing one another," said Speaker of the House Speaker Crisanta Duran, D-Denver.
The fear of lawsuits has changed Colorado skylines where developers have built towering rental complexes instead of homes to own to avoid litigation over construction defects.
The compromise could change the trend. Instead of home owners associations suing developers over problems, a lawsuit would only move forward with residents' approval themselves -- and with a shorter window for filing litigation.
"It allows developers to build housing and hopefully more affordable housing all over the state," Gov. John Hickenlooper said.
Lawmakers have failed each of the last four years to pass a bill making it easier for developers to build and for families to buy. During that time rent and the price of buying a home has skyrocketed across the state -- all while the state's population continues to surge.
The bills is expected to easily pass.
