LAKEWOOD, Colo. — Voters in a Denver suburb have approved a ballot initiative that caps new residential construction.
The Denver Post reports the measure approved in Lakewood’s special election Tuesday limits the building of new homes and apartments each year to no more than 1% of the city’s existing housing stock.
The measure also requires large development projects to be approved by the Lakewood City Council.
Under the measure, fewer than 700 new homes would be allowed each year based on the city’s current housing of about 67,000 units.
Lakewood Mayor Adam Paul says the law that takes effect immediately could have unintended consequences and create affordability problems.
Supporters say the cap is needed to slow down the construction of higher-end multifamily projects.
Information from: The Denver Post, http://www.denverpost.com