Colorado voters to consider ballot initiative aimed at addressing affordable housing

COLORADO SPRINGS, Colo. (KRDO) -- As the median cost of a Colorado Springs home sits at $460,000, the "Yes to Proposition 123" campaign believes their ballot measure is the solution to the affordable housing crisis in the state. Opponents of the ballot measure argue that Coloradans will lose money in their TABOR refund checks if Prop 123 goes through.

"It's a question of, 'are the fundamental public services you need to sustain civilization beginning to collapse'?" said Mike Johnston, a former State Senator and the man leading the charge for Prop 123. "This puts everybody on the path to being able to find housing they can afford."

Johnston is traveling through the state with the message, stopping in Colorado Springs and in Pueblo Thursday.

Proposition 123 would set aside up to 0.1 percent of revenue from the state's existing annual income tax. The 300 million generated every year, starting in 2023, would go toward developing more affordable housing units and investing in homeownership programs.

Those in support claim that without raising taxes, Prop 123 gives local governments the power to decide where that money should go.

"It will create an opportunity for more state and federal funding to come into Colorado Springs and provide housing so that we're not paying $2,000 a month for rent," said Tom Strand, President of the Colorado Springs City Council.

Michael Fields, President of the Advance Colorado Institute, is skeptical that Proposition 123 is a "no strings attached" fix to the affordable housing crisis.

"I think the intentions are good behind this that we need to address housing," said Fields. "But the details are too complex and I think misguided on this ballot measure."

He says Coloradans will feel the impacts of the ballot measure on their pockets in the form of cuts to their future TABOR refund checks. Instead, he thinks the issue should be addressed through giving permits to contractors quicker, expediting zoning, and reducing regulations.

"There are other reforms that need to be done," said Fields. "We shouldn't be taking this from TABOR refunds at a time when cost of living is higher than ever."