| ITEM #: 1. DATE: 04/04/2022 AI #:677 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | PHOENIX HOUSING MARKET SUPPLY AND DEMAND ANALYSIS |
| STAFF PRESENTER(S): | Harry Paxton, Deputy Director, Economic Development |
OTHER PRESENTER(S):
Nico Howard, Home Arizona
Elliott Pollack, Home Arizona
Elliott Pollack, Home Arizona
Summary
Council will receive a presentation by Home Arizona on the Current State of the Greater Phoenix Housing Market. (Harry Paxton, Deputy Director, Economic Development)
FISCAL IMPACT
There is no direct budget impact from this informational item.
BACKGROUND AND PREVIOUS ACTIONS
Home Arizona, a local nonprofit founded by Arizona business leaders, will provide information on the supply and demand of housing in the Phoenix area. Over the last 12 months, the Phoenix MSA has seen, on average, a 27.5% increase in the cost of rent. Over the same period, the area has seen, on average, a 32% increase in the cost of single family houses. With 80,000 to 100,000 new people moving to the Phoenix MSA every year, supply has failed to keep up with demand. Under current market conditions, this trend will continue.
STAFF ANALYSIS
Home Arizona is a local nonprofit founded by Arizona business leaders to address the growing housing crisis here in Arizona. Economist Elliott D. Pollack, founder of Elliott D. Pollack & Company has since sold the company, but they continue to do economic analyses for a number of municipalities.