Our Friends and Colleagues Can’t Afford to Be Our Neighbors

Our community benefits from a range of housing–homes for teachers, health care workers, police officers, service sector employees, people living on disability income, and others who we know, care about, and depend upon.  Yet many of these people cannot afford to live here.  

This hurts our community–e.g., congested roads and pollution, decreased socioeconomic and cultural diversity, and difficulty in getting critical workers in place during, for instance, inclement weather.

We Can Do Better

Affordable housing helps the community and the families who live in it–research demonstrates that affordable housing has positive effects on physical and mental health, educational attainment, and wealth building.  The Town has plans for creating and preserving affordable housing, but has yet to invest few local funds to help implement them.  The need is even greater given the expected influx of highly paid workers from the Epic Games expansion and the new Apple Campus, workers who will compete for a scarce number of affordable units, driving up the cost of housing in the process. 

We ask the Cary Town Council to Prioritize the Budget so that a Penny of the Town’s Tax Rate Goes Toward Creating and Preserving Affordable Housing.

This “Penny for Housing” will be repaid many times over as it: leverages private funds to build and preserve housing, adds property to the tax rolls, and increases the diversity of our community.  Most importantly, it will help pay a social return by allowing more of our friends and colleagues to live with us in Cary.

The Penny for Housing would equal $35/year of the taxes paid by the owner of a home valued at $350,000, and would total roughly $3 million annually town-wide.

Similar initiatives have been passed in Chapel Hill, Durham, Raleigh, and Apex - leading to the creation or preservation of hundreds of units of affordable housing.  

Join us on November 11 to learn where Candidates for Town Council Stand on this Issue

ONE Wake is organizing a virtual, non-partisan session with candidates for Town Council on Thursday, November 11, at 7:00 pm. Please register in advance here.  

ONE Wake does not endorse candidates or political parties. We are glad to work with anyone who supports our agenda.

Resources

Penny for Housing Handout (v.2)

Can Raleigh’s New Affordable Housing Tax Overcome Market Pressures?

2017 article describing Raleigh's penny for housing initiative. "What I like about the 'penny for housing' concept is that, as the overall tax base grows, that penny amount grows, so it's a way to keep pace with the need"

Penny for Housing: It's the Least We Can Do

Video testimony from Chapel Hill residents who worked to pass a Penny for Housing in 2014