LOUISVILLE, Ky. (WDRB) — For the past decade, housing prices in Louisville have outpaced income and some are asking Metro Council to take action.
Thursday, the council's Committee of the Whole met to discuss solutions to the affordable housing crisis in Louisville.
The affordable housing problem is partially to blame on the city's own policies, such as the landbank policy, which sells foreclosed and distressed properties to investors. Homeownership in Louisville's west end is estimated at less than 30%.
Many houses that are abandoned become havens for squatters and troublemakers. Those are the houses the Landbank Authority is looking to buy and turn over. However, many of these homes ae sold to investors looking to rent them out instead of selling them.
"I don't know the exact numbers, but yes, unfortunately we don't have enough partially our non profit affordable housing developer getting their hands on those properties, which is why we are advocating there be preferential usage," Lyndon Pryor, president and CEO of the Louisville Urban League, said.
In the past 10 years, housing prices in Louisville have increased by 50%, while wages have not maintained the same pace. The increase in rent prices, according Pryor, means more people are living in sub-standard housing. He said getting code enforcement to take action on derelict landlords is a challenge.
"So there is a huge amount of issues with regard to code enforcement. How we are handling those issues, we have a lot of people living (in), quite simply, sub-standard housing," Pryor said.
Adding to the affordable housing problems is the potential relocation of Dosker Manor residents. Housing is stretched thin already and finding suitable space for 700 people will take time.
"That absolutely is going to add to the burden of affordable housing and where people go in this city," Pryor said.
The issue is so big, the council committee did not come up with a solution during the meeting on Thursday.
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