Record numbers of new apartments are being built in Salt Lake City, but those new housing units have yet to slow rent increases.
Analysts from the University of Utah’s Kem. C. Gardner Policy Institute on Tuesday told city officials that regional population growth, the state’s hot economy and other key trends in housing markets seem to have temporarily suspended traditional rules of supply and demand.
One city leader called the combined effects “frightening” as officials continue to try to address a shortage of affordable housing. Salt Lake City Councilwoman Amy Fowler said the studies made clear that officials needed to expand their policy strategies on housing.