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Solving the Housing Crisis in Utah

Year: 2023

Presenter Name: Kevin Yang

The focus of our research is to explore solutions to tackle the housing crisis in Utah. The pandemic has had a significant impact on our society and economy at large. In Utah in particular, with a heavy influx of families and professionals, the already hot housing market has come under immense pressure. Due to high demand and low inventory the Salt Lake housing market has appreciated substantially in the last few years making it challenging to own a home for new homebuyers (first-time homebuyers). The home rental rates have also appreciated substantially making it expensive to rent a place of one's choice without incurring substantial monthly expense. According to Emily Harris's report for the University of Utah, ""Utah was the fastest-growing state in the nation from 2010 to 2020"".(Emily Harris, Moving Past Net Migration: Demographic Characteristics of Utah's Recent Migrants). Another contributor to the housing shortage in Salt Lake is the rapid growth of the city. For example, Utah's population growth rate from 2010 - 2020 was 18.4%, which was the highest in the nation. In this research we explore possible solutions that could be applied to improve the housing situation in Utah. We do this systematically in the following ways - 1) examine what scholars have identified as solution for situations such as the one we have in Utah 2) examine what densely populated and expensive places like HongKong and Singapore have done to ensure housing for all 3) we take a look at models like AirBnb and Uber/Lyft that has made it possible to have idle resources to be of use to those in need while adding to the economic output and see if some lessons could be gleaned for a technology based solution to the current problem in Utah. We propose novel solutions by synthesizing our insights from the above methodology for the consideration of public policy experts. This research and its findings (proposed solutions) will be significant because it addresses one of the fundamental humans needs - Shelter and sees how to make it affordable and accessible to everyone. It also explores both established solutions (as seen from published research and those adopted by other successful places in the world) and also by attempting to identify a novel approach by adapting the success we have seen with business models that underlie the sharing economy.
University / Institution: University of Utah
Type: Poster
Format: In Person
Presentation #C73
SESSION C (1:45-3:15PM)
Area of Research: Business
Faculty Mentor: Sankar Srinivasan