REPORT: RI’s Housing Program Has Produced “Relatively Few Units at a High Cost”
The Rhode Island Public Expenditure Council (RIPEC) on Thursday released a report focused on the structural inefficiencies in Rhode Island’s affordable housing investments and policies.
While the state has moved away from decades of underfunding housing development, recent record-level investments have relied on a high-cost, high-subsidy model. RIPEC states “that this approach has served relatively few Rhode Islanders and has made no meaningful impact on the state’s overall housing challenges.”
This comes at a time when rents in Providence continue to rocket upwards, and the median price of a single-family house jumped 10.2% year-over-year to $529,000…