By Brice Wallace
Utah’s housing shortage is great for homeowners but tough for young people and eventually could hamper the state’s economic development.
Those conclusions by James Wood at a recent presentation in Salt Lake City included his belief that it is “almost inescapable” that local housing price increases will outpace the national average.
“This is a great advantage for all of us who own our own homes,” Wood, Ivory-Boyer senior fellow at the Kem C. Gardner Policy Institute at the University of Utah, said at the Building Owners and Managers Association (BOMA) of Utah Education Summit. “Housing price increases, it’s a great wealth creator. … It’s great for the homeowner. It is tough on the next generation.”