If we are to have a community that is affordable for all strata of the working class in higher density communities like Petoskey then subsidized housing will become necessary during certain times of the housing cycle. Right now is definitely one of those times. If we continue to rely on bedroom communities as our market based solution for lower cost housing any savings will be eaten up by paying for a car and commuting to and from work.
This is especially true for hospital staff who have to drive 30-45 minutes through the snow in the dark to and from work in the winter. There are currently long wait lists for apartments in and close to Petoskey not to mention record-high rental rates. If we wait for the market to solve this dilemma it will either come in the form of high-cost single family homes or multi-family complexes that will take years to get approval, design and permitting let alone construction.
Taking action now will not help those who are looking for a less expensive location to start out on their own right now. However, it will help those in years to come. The benefits will be greater retention of young professionals who we need to staff our nursing homes, hospitals, banks and small businesses.
While there are always naysayers who believe subsidized housing brings down the value of their home these are the same people who wonder where are the workers at the restaurants? Why are there so many patients to one nurse? And why is it so hard to find new employees? Chances are many starting out right now are looking for a community where their wage to living expense ratios are not as out-of-whack as it can get where many homes are second homes and where very few low-cost options exist.