During the COVID-19 pandemic, personal incomes have plummeted, and there is an increased need for affordable apartments. In this economic climate, it is imperative for the State of Connecticut to do everything in its power to preserve the state's existing stock of affordable and low-cost housing.
In order to develop strategies to preserve this crucial housing stock, we need to understand it first. At the Partnership for Strong Communities, we have detailed the need to preserve Connecticut's subsidized rental housing. Much of Connecticut's lower-cost housing, however, is concentrated in unsubsidized small multifamily apartments that are disproportionately owned and rented by lower-income residents and people of color.
This fact sheet outlines why preserving small multifamily housing should be a top goal for Connecticut's housing response to COVID-19. Small multifamily buildings are at risk of being purchased en masse by private equity investors, much like single-family homes during the 2008 housing crisis. If this were to occur, Connecticut could permanently lose a large portion of its low-cost housing stock—increasing the risk of displacement and homelessness for lower-income households.
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From November 16 to November 20, 2020, we will be hosting Tipping Point, a conference series which discusses the challenges and opportunities related to affordable housing in Connecticut. Click here to learn more, and to sign up.