This week, three candidates for governor participated in a debate. One of the primary issues discussed was housing. With high home prices and increasing demand, the candidates debated how to make housing more affordable for Utahns. They shared their visions, strategies, and disagreements on this critical issue.
Highlighting Libertas’ Work
Libertarian candidate Rob Latham highlighted our work during the debate. “What I like is the Free to Build initiative sponsored by the Libertas Institute. It grows our housing stock and increases affordability without using taxpayer funds,” Latham said. Furthermore, he invited viewers to visit freetobuild.org to explore free market solutions to the housing crisis.
At Libertas, we do not endorse candidates. However, we take firm positions on policy. We stand behind solutions that promote individual freedom, free markets, and housing deregulation.
From left to right, Republican Gov. Spencer Cox, Democratic candidate Rep. Brian King, and Libertarian Robert Latham.
Governor Cox’s Approach to Housing
The housing crisis came up frequently throughout the debate and during the media Q&A session afterward. Governor Cox emphasized building more homes as the only viable solution. “We have to build; it’s the only answer. We’ve developed a plan to build 35,000 starter homes over the next five years,” Cox explained. He added that incentivizing the right initiatives is key to overcoming regulatory hurdles. To make his point, Cox compared the housing crisis to a hypothetical shoe shortage, where more shoes would need to be produced to meet demand.
Cox also pointed out that government regulations contribute significantly to housing costs. “When we restrict where homes can be built or set strict property size requirements, we drive up costs,” he said. When asked if ADUs, tiny homes, and prefab homes could help, Cox affirmed, “Yes, all of the above.”
Representative King on Speculative Investments
Representative King shifted the focus to speculative investments. He warned that too many homes are being bought by out-of-state investors. These investors flip properties for profit or rent them out at inflated rates, which drives up housing prices. “We must ensure Utah families have first access to Utah’s housing stock,” King argued. He acknowledged that deregulation could help, but stressed the need for more flexibility in how cities manage zoning laws.
From left to right, Democratic candidate Rep. Brian King, Republican Gov. Spencer Cox, and Libertarian Robert Latham will face off in a debate hosted by the Utah Debate Commission on Wednesday, Sept. 11, 2024. (Courtesy of the King, Cox and Latham campaigns)
A Complex Issue with Different Solutions
The debate highlighted the complexity of Utah’s housing challenges. While Cox pushed for more homebuilding, especially starter homes, Latham supported increasing supply. However, Latham but cautioned against subsidies that could raise prices. King emphasized limiting speculative investments and making homes more accessible to Utah families. Despite their differences, all three candidates agreed we need to address the housing crisis. The future of Utah’s housing market depends on how these strategies are implemented.
Local Government Policy Analyst
Lee is the Local Government Policy Analyst at Libertas Institute. He has had a lifelong passion for research, writing, entrepreneurship, local government, and building relationships with people from all walks of life.