Rhode Island Ranks Worst in U.S for Homebuilding and Affordability
GoLocalProv Business Team
Rhode Island Ranks Worst in U.S for Homebuilding and Affordability
"We know that the housing supply gap is not evenly distributed across the country," says Realtor.com senior economist Joel Berner.
“Based on numerical score, Rhode Island ranks lowest on the report card. As the smallest state, Rhode Island might suffer from a lack of available land on which to build,” reports Realtors.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“However, the second-smallest state, Delaware, ranked above the national average with a grade of C+, suggesting that land availability might not be the only issue at play in Rhode Island,” it adds.
Of the 13 A and B grades handed out on the new report card, all were to states in the South or Midwest. Meanwhile, the seven F grades on the report card all went to states in the West and the Northeast.
The three states that received A grades were: South Carolina (A), Iowa (A-), and Texas (A-).
"States that received poor grades are in danger of further exacerbating their affordability issues if they aren’t able to start building more homes," says Berner. "Many of these low-scoring states are home to the widest supply gaps, and if they can’t build enough homes to close them, their citizens will have no choice but to find a new state where they can afford to live."
What is clear is that State House leaders seem to make near-endless promises about solving the housing crisis, but there has been little to no success.
On Wednesday, Governor Dan McKee made more promises. He has been governor for four years with no progress. And, a number of high-profile projects that would have added housing units — condos and rentals — stalled under McKee. The Fane Tower in Providence that would have added more than 400 condo and rental units was canceled after the developer left the state in frustration with the state's endless regulatory delays. And the Superman building remains vacant despite promises by McKee to convert the building into a proposed 285-apartment unit complex.
“For the first time in many years, Rhode Island is gaining real momentum in tackling this longstanding issue—and Housing 2030 will help ensure that progress continues,” said McKee. “By prioritizing the creation of housing at every level, this plan will help us build stronger, more resilient communities, stimulate our economy, and ensure that housing is no longer a barrier to opportunity for Rhode Islanders.”
McKee said his administration was planning to build 15,000 new homes by 2030. He faces reelection in 2026, and according to a series of public polls, he has among the lowest approval ratings of any governor in the country.