Vail CO, Colorado
It’s great that Steve Milgrom wants locals to buy into the River Run affordable rental complex he plans to redevelop into condos.
But someone might want to give Milgrom the memo: Developing homes for households that make $160,000 a year ” that’s about twice the local median household income ” doesn’t make them affordable.
Most families who earn that much already can find homes and condos they can afford in the valley. Albeit, perhaps not any that back up to our ski slopes.
Can’t blame Milgrom for trying, though. He’s said he’s interested in negotiating with Eagle County to make sure local workers can afford to buy some of the units.
He’s even suggested putting deed restrictions, like property appreciation caps, on some of the condos to make sure they’re affordable.
He already quite publicly approached the town of Vail with a similar idea, but the town turned him down. River Run is in Eagle-Vail, and that’s firmly under Eagle County’s jurisdiction.
That’s why it’s disappointing that Eagle County leaders are just now even entertaining the idea of working with Milgrom to secure some affordable homes.
Those leaders helped form a Blue Ribbon Housing Committee whose mission is solely to find and or create more homes that local residents can afford. Those same leaders consider our lack of affordable housing a “crisis” that the entire county must address.
Yet one of the most vocal affordable housing proponents admits the project was “barely on my radar.”
Milgrom wants to start selling his condos in July. Let’s hope there’s still enough time for both sides to forge a deal.
” Tamara Miller for the Editorial Board