Mountain towns have been hit hard by the housing crunch brought on by the onset of the COVID-19 pandemic. The real estate market is spiraling out of control in mountain towns across the country. In Crested Butte, Colorado the median listed home price is now $1.4-million. Vacation rentals and folks who own second (or third homes) in Crested Butte eating up the housing while hourly employees are being squeezed out.
The city is looking at solutions such as imposing a limit on vacation rentals. Another idea is creating a second home tax to fund affordable housing projects in the town.
This video paints an interesting and somewhat morbid picture of the future of Crested Butte. If this issue can’t be resolved, it will have some serious consequences for businesses including the ski resort and restaurants.