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Housing Crisis: In RI, worsening shortage of homes sends prices soaring

Summary by Ground News
Rhode Island is struggling to keep up with demand for homes and apartments. A 2016 report warned that the state had to add roughly 34,000 to 40,000 housing units over the next decade. But so far only about 18,000 units have been added. The result has been an explosion in prices.

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WPRI 12WPRI 12
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Housing Crisis: In RI, worsening shortage of homes sends prices soaring

PROVIDENCE, R.I. (WPRI) — Start with the good news: lots of people want to live in Rhode Island. Southern New Englanders may be so accustomed to strong demand for homes and apartments that they forget other places aren't so fortunate. In the Midwest, rural farm towns are struggling with depopulation; in Detroit, the population shrank so much the city started demolishing homes. But as any economist will tell you, strong demand can easily turn int…

·East Providence, United States
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WPRI 12 broke the news in East Providence, United States on Monday, February 26, 2024.
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