With the statewide housing shortages remaining a critical workforce challenge, the Ohio Chamber of Commerce was honored to participate in a panel discussion for members and staff of the new 135th Ohio General Assembly. The breakfast event, hosted by the Coalition on Homelessness and Housing in Ohio (COHHIO) and the Ohio Housing Finance Agency (OHFA), punctuated the need for affordable housing and state incentives to aid in new construction.
OCC Senior Vice President Rick Carfagna outlined the importance of housing stock as both an attraction tool to lure companies to Ohio, and as a retention tool for Ohio-based companies looking to expand their operational footprint. He referenced several proposals the OCC supports, including the creation of a state-level Low Income Housing Tax Credit to stimulate new construction, a homebuyer savings act to assist Ohioans with down payments or closing costs, and reforms at the local level surrounding referendum abuse on zoning decisions.
Per the Ohio Housing Council, due to the shortage of affordable rental housing, nearly 400,000 Ohio households are rent burdened, meaning they spend over half their income on rent. According to National Church Residences, the lack of available and affordable housing is especially problematic among Ohio’s population of older adults. From 2015-2021, the number of senior households experiencing severe housing cost burdens rose 14.5%. The number of Ohioans ages 65+ grew by the largest amount of any population group from 1970 to 2020, from 9.4% of the total population to 17.0%, and is anticipated to rise further in the coming decades.
The Ohio Chamber’s ongoing message to policymakers at all levels of government is to promote new construction and availability of housing stock across the board. Additionally, workforce housing at affordable price points allows Ohioans to meet other household needs such as food, transportation, utilities, and personal services. The opportunity cost of these savings translates into new money spent locally that supports jobs and generates tax revenue.