Affordability an issue for first-time homebuyers
To the Editor:
Given that the inflation of housing prices has far outpaced median wage growth for the last four years, hopeful potential first-time homebuyers are presented with an affordability problem, which precludes many of those potential buyers from realizing their hopes [“County plans two ways to ease local housing shortage,” The Altamont Enterprise, March 24, 2025].
The problem is a lack of affordable housing to be purchased by such hopeful people. The dearth of affordable housing can only be addressed by the construction of such housing.
Government bureaucracy is one impediment. Sating government’s bureaucracy takes time and money, long before affordable housing can begin being built. This destroys some potential homes’ potential.
Where, though, could such housing be developed, or redeveloped? Are there really any Albany County locations which could serve as building sites?
Perhaps the answer to the lack of affordable housing is for government to get out of the way, making it affordable for market participants to build and buy the needed homes. Or, we could keep doing what hasn’t worked, while hoping for different results.
Edgar Tolmie
Altamont