How might the City of Hamilton work with partners and citizens to address challenges in market rental housing and ownership affordability?
Context
Housing affordability has been exacerbated by the COVID-19 pandemic, stagnant wages, and rising inflation costs. Wages have not increased nearly as much as prices. Despite increasing need, Hamiltonians are struggling to make the transition from affordable ownership to market ownership. Consequently, first-time homeowners are “missing the middle” by turning to market rental housing or remaining in affordable housing even when it no longer meets their needs. To address the matter at hand, the City of Hamilton is developing the Housing Strategy & Investment Plan (HSIP), which evaluates gaps in the housing continuum as well as obstacles in maintaining a diverse housing stock.
Problem
Across the housing continuum, there is not enough supply to keep up with the demand for affordable housing. Increases in residential land costs and market rental pricing also make it difficult for upward movement into market ownership. In response to the difficulty of upward movement from affordable ownership to market ownership, homeowners are turning to market rental housing. Furthermore, low-income to moderate-income households struggle to make the transition from affordable ownership to market ownership. Our project seeks to understand the various inequities that impede individuals from moving forward in the housing continuum as their needs change.
Goals
Synthesize information regarding the current state of housing in Hamilton to understand demand and maintain diversity in the housing stock.
Identify challenges regarding movement in the housing continuum.
Analyze current policies and guidelines regarding affordable ownership, market pricing, resale mechanisms, and other related accommodation costs.
Identify ways to support homeowners by promoting affordable ownership and targeting gaps in the ownership market.
Student Team: Aveena Sriharan, Noor AL Omran, Jazz Walia, Valeria Flores, & Ericka Hamilton
Faculty & Course: CityLAB Semester in Residence, Dave Heidebrecht, Darina Vasek, Elizabeth Bang and Randy Kay
