We already know that many successful cities are struggling with housing affordability. But what you may not know is that a similar phenomenon is happening in many ski towns. Supply is constrained and demand is high.
Here is an excerpt from a recent New York Times article:
Local officials and housing experts say it is a symptom of widening economic inequality, one that is especially sharply felt in tiny resort towns hemmed in by beautiful but undevelopable public land. While the wealthiest can afford $5 million ski homes and $120-a-day lift tickets, others work two jobs and sleep in shifts to get by.
“It’s so much worse today than it’s ever been,” said Sara Flitner, the mayor of Jackson, Wyo., where the median single-family home price rose 24 percent last year to $1.2 million, according to the Jackson Hole Report.
It’s for reasons like this that some ski towns have strict criteria around who is an eligible resident. For example, Banff, Alberta does this to ensure, “that housing remains available for those whose primary objective is to live and work in the community.”
In small landlocked ski towns – where it’s difficult or almost impossible to increase supply – there are only so many options.