By james art 
Governor Spencer Cox offered a clear vision of Utah’s priorities in his Union’s state in 2025. addressS He correctly emphasized the lack of homes at affordable prices as the most pressing problem facing the state. With its increasing population, the pain is felt from all over the country, but is particularly lit for young families, which are particularly difficult to get on the ladder of the property. To meet their needs, Cox offers the construction of 35,000 starting homes below $ 400,000, supplemented by a number of supportive initiatives, some of which were adopted during last year’s legislative session.
One of these bills adopted last year dealt with a problem that caught my eye: Law on First Home Investment ZoneAllowing the new zoning provisions to facilitate the construction of starting homes and allow cities to insist on any public investment to be dependent on the area allowing projects only projects where 50% of homes are renewed to remain owned by the owner, employed for 25 years. This restriction is important as there is a growing trend of large investment companies for Wall Street that occupy such new construction to turn them into rentals by charging excessive rents in the process.
Investment companies have a stable moved to The single -family home market in addition to their traditional interest in multi -family homes. Approximately 1 in 5 Homes are bought by an investment company now (in some areas this is 1 in 3), and housing percentages are droppingS In the 1970s, home ownership was about 63%; Young adults are now up to 37%and this is not necessarily optional. Bidding with investment, cash, housing, led dramatically to prices.
So the limitations of the case for the starter homes that Cox hopes to build are a great step in the right direction. But what about existing homes? Is there any good way to encourage things to the owners’ employment there so that the state and its families are better?
In this legislative session, this press can be HB151entitled amendments to sales of homes made by reporter Gay Lynn Bennion, D-Cottonwood Heights. In a nutshell, the bill is applied only to one-off homes-it offers very little, but it could lead to a real difference for Utah families. It states that for the first 30 days, when such a home is placed on the market, a possible buyer will be required to sign a declaration of intent to occupy (unless the seller makes an exceptional circumstance). It will also ban the group sales of foreclosure single -family homes that are extremely sold to investors. After these 30 days, this requirement for a declaration will be terminated.
Asked why she sponsored HB151, Bennion said: “Young people in Utah really want the legislature to start this conversation. I know of a young couple who lost offers to 12 homes in Salt Lake County for investors before he can finally buy a home. Another young couple graduated from a vocational school outside the state and wants to return to Utah. They found a home for about $ 450,000, but an investor exceeded them and then offered the same home for sale a month later for $ 570,000. The rears see the dissatisfaction in the market and want more even game for families. “
Jen Cotton, a real estate professional with ERA consolidated brokers and an advocate for sustainable housing growth and ownership, is one of these brokers. Cotton sees the problem every day:
“The Utah Housing Market is in crisis, especially for buyers and families for the first time looking for homes at affordable prices. Between 2018 and 2023, Salt Lake County lost over 10,600 homes occupied by owners. Cities like South Jordan have been observing almost exclusively Rent development over the last two years. This imbalance favors investors and major institutions, leaving Utani to fight to compete for home ownership. The consequences are distant: reduced civil commitment, reduction in family stability and financial insecurity. US tenants have an average net of $ 10,400 compared to $ 400,000 for homeowners, according to the Aspen Institute. This mismatch of wealth threatens long -term economic justice for Utah’s families. “
When asked specifically about HB151, Cottam commented:
“This bill is very moderate and strives to level the game conditions by giving individual buyers a window to buy single -family homes before investors can intervene. In the strong sellers’ market, this is the first home buyer to fight the most. They have difficulties when it comes to competition with offers that give up checks, have non -refundable money and abandon funding and unforeseen circumstances. This is a pragmatic step that helps Utah’s families to have a fair shot at home property.
“(The bill) actually adjusts market distortion. Investors have significant competitive advantages – access to money, scale savings and minimal barriers – which ordinary Utah families cannot match. This bill is a step towards guaranteeing the Utani market, not just institutions. “
Ray Colledge, an associate broker with 29 years in the real estate market in Utah, agrees: “(the bill) gives those who receive a mortgage the opportunity to make an offer without competing with the buyer of money … I believe that this is a crisis (s) measures must be taken to equalize justice. I believe that the two most outstanding problems facing the Utah is the contraction of the large salt lake and the crisis of accessibility of housing. “
Some may wonder if sellers can be injured by the account. Cottam does not agree: “Sellers will still receive a market value for their homes, but the buyer is temporarily prioritized in favor of families seeking major residences. This is a small correction with great impact. In addition, this legislation creates awareness for sellers to consider helping families over investors. If they have circumstances where the wait will have a negative impact, then they do not have to comply with the waiting period. “
Both Cottam and Colledge believe that HB151 is progressing on COX’s agenda for the accessibility of housing to Utah families. Kotham notes: “The government. Cox reads the challenges of home accessibility and reducing the percentage of home ownership. This bill is excellent with its priorities and its vision for preserving the lifestyle of Utah. I believe he must support this bill as a meaningful step towards dealing with the housing crisis. “
In recent years, behavioral scientists have advocated for such small “pressures” as HB151 to make people stop and think more about the decision they make. The Nobel Prize winning Richard Taller, along with Cas Sunstein, writes book Regarding “incitement” and how non -decision -making non -judgment changes can create significant changes in behavior. The key task for politicians is how to carefully change the context of the decision, making some frequently neglected information more obvious to the declarant or providing extra time to make the decision. HB151 is a case of a textbook with just such a prosocial press.
As a social scientist, I could even see other pressing initiatives that can help the housing market in Utah to focus more on families than Wall Street investors. Benion’s legislative studies have found that “some countries, such as Idaho, require as part of their purchase contract, the buyer to reveal whether they intend to use the home as a basic residence.” This is for the purpose of determining whether the compensation for the exemption of the owner of the state tax on ownership is applicable. There is no reason for such a requirement to detect the seller in the front during the purchase process cannot be required in Utah. Another initiative used by numerous municipalities across the country is to give cities with “The right to the first refusal“For the purchase of destroyed or foreclosure homes to strengthen particularly fragile neighborhoods. These cities then renovate the home to encode and sell it to home buyers for the first time, often with the help of purchase.
While Utah is dealing with her serious housing crisis, the type of creative “pressing”, an example of HB151, deserves the attention and support of the governor and the legislature. HB151 – track the bill of this session; Contact your state representatives for this. Give Utah families a little more chance of buying their own home.