ALBUQUERQUE, N.M. (KRQE) – Albuquerque is rolling out a new plan to address the ongoing housing crisis. The overall goal of the Housing Forward Albuquerque Plan is to increase the housing supply.
To do that, the city is proposing a $5 million fund to convert unused commercial office space into roughly 1,000 residential units by 2025. They hope overall to see 5,000 more units across the city created in other ways.
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The plan will also ramp up protections for current renters. “There is no doubt that Albuquerque is in a housing crisis. We know that over half the renters have seen a 30% increase in the amount of income they have to spend on rent. That is absolutely unsustainable,” said Mayor Tim Keller.
Officials are also proposing reworking zoning to allow for the city to build more housing. The mayor says between 13 and 30,000 units are needed to address the current housing problem.