OPINION |
by Lonnie Funk, Greene County
I am a local developer, owner, third-party operator, and the current President of The Greater Springfield Apartment & Housing Association (“SAHA”). SAHA is urging its members and the Springfield community to vote “yes” on the Springfield November Ballot Question 1 to ensure that multifamily, student housing, and single-family rentals developers and entrepreneurs will be able to continue to conduct business with respect to commonly understood laws and regulations.
The increased housing demand has created a shortage of traditional multifamily housing units in the greater Springfield Area. The growth in the local job market with the additions of Costco and Amazon and in the medical field has brought people from all over the state and region to work in Springfield, Missouri.
These individuals’ housing needs are immediate, and the demand for housing is elevated. The immediate demand for housing combined with inflation has driven annual rental rate increases of close to 10 percent versus the historical 4 percent range.
However, even with the current rent increases, the average rent in Springfield is still roughly $850 per month versus roughly $1,225 per month in Kansas City and St. Louis, and the national average close to $1,700 per month, up 10 percent this year. The simple solution to the housing shortage and increased rental rates is new development.
New development is already hampered by the excessive cost of construction, supply chain shortages, increased interest rates, and availability of sites to build where people want to live. This does not even consider the ongoing struggle of meeting city building code and zoning requirements.
If Question 1 is approved by a simple majority of voters, the Galloway Village property would be rezoned, and development of the multi-use structures, including housing, would be allowed to begin. Springfield City Council previously adopted a redevelopment plan for this area in 2014 that would include this type of development.
Even though the rezoning would primarily affect residents in the Galloway Village
neighborhood, all voters within Springfield city limits will soon decide whether the rezoning and subsequent development can continue.
Question 1 is more about multifamily development in Springfield in the future than it is about Galloway. The increased housing demand is going to require additional multifamily development — if not in Springfield, then in the surrounding communities and Springfield will not see the benefits of higher-paying jobs, lower taxes, and additional funding for first responders and teachers.
SAHA and I urge you to vote “yes” on November Ballot Question 1 to increase available housing options, create higher-paying jobs, lower taxes for all residents, and help fund first responders and teachers.
Lonnie Funk is the President of The Greater Springfield Apartment and Housing Association