New Law Will Bring More Affordable Housing to Utah Eventually

Will the rollback of housing mandates bring lower prices and more affordable homes to Utah? The good news is yes it will, the bad news is that it will take much longer and won't help those looking currently.

Streamlining Homebuilding and Reducing Costs

A federal housing bill became law recently that addresses some of what is driving up housing costs. For instance a well meaning mandate that held property owners and builders responsible for accessibility complaints indefinitely has been rescinded.

This had increased the cost of building a home and will go back to an one-year statute of limitations after the home is sold as it was before 2013. This and other parts of the bill aim to streamline the process and bring down the costs and make homes more affordable.

white and brown concrete house near mountain under blue sky during daytime

The Lock-In Effect: Why Many Homes Are Unavailable

This is good news for those trying to buy in a tight housing market that isn't moving. However, it will take years to start seeing these changes take effect as it doesn't solve the biggest problem which is a lack of affordable homes available right now.

Part of the problem is that people who bought a home before 2022 got in at rates that were historically low. They don't want to sell and buy a new home at current rates. They continue to stay in a home that they might otherwise sell.

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That means many homes that would be good for a family starting out, just aren't there to buy. These changes with the new bill will start to bring more affordable homes to market, which eventually should bring about lower rates, but it won't be today.