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Well starts to run dry on interested housing developers for Albemarle

ALBEMARLE COUNTY, Va. (WVIR) – The county is facing a growing housing crisis as more jobs bring new residents to town, but developers show less interest in building homes to meet demand.

County Supervisor Mike Pruitt, who represents the Scottsville District, says the county has seen fewer new housing starts proposed this year, with meetings typically used to approve housing projects remaining quiet.

“Albemarle County has become so unaffordable that it’s not only challenging for renters, it’s starting to become so unaffordable that it’s challenging for developers,” Pruitt said.

Pruitt largely attributes the slowdown of project proposals that once frequented Supervisors meeting to national trends. Still, he worries what this could mean for the already prevalent housing crisis down the line.

“There’s some macro-economic factors there. Just the cost of capital means we’re no longer an attractive price point for a lot of developers. There’s also some question of whether it’s our own set of policies that are driving that,” Pruitt said.

Free Enterprise Forum President Neil Williamson said developers are deterred by more than just high land costs.

“What could Albemarle do better?” Williamson said. “Process. Currently, it takes way too long to get a project through. Time is money.”

This is a statewide issue, Williamson said, citing the 30,000 units the Commonwealth needs to meet bare minimum demand.

The type of housing needed varies by market. In Albemarle, he said, it may be easier to find an apartment to rent but much more difficult for a young family to find a home to buy.

He calls that the missing middle.

“The $300,000 to $800,000 home is underrepresented in the market based upon the incomes that we see,” Williamson said.

Williamson blamed red tape and lack of available land as two of the reasons those homes aren’t being built.

“The reality is, Albemarle is running out of open space to put housing development projects. They need to expand the development area,” Williamson said.

Both Williamson and Pruitt agree the housing shortage is a significant problem. Pruitt said he is focused on making Albemarle attractive to builders.

“We can only steer the part of the ship that we have control over, and I think a big part of that is what the opportunities and quality of life we offer in Albemarle County,” Pruitt said.

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