Colorado Proposition 123 passed in Colorado in November of 2022 and requires state legislators to dedicate $300 million of the state’s budget annually to affordable housing development. Supporters of the proposition say the law will create 170,000 houses and rental units over the next few decades, addressing the state’s estimated 225,000 home shortage. The measure didn’t have organized opposition but did face pushback from some groups because it potentially eats into tax refunds guaranteed to residents under a state constitutional amendment known as the Taxpayer’s Bill of Rights (TABOR). Still, developers looking to build housing in the state may find avenues to do so by pursuing projects with affordable units. Housing has been a hot-button issue in Denver, Colorado, over the past couple of years. A 155-acre lot known as the Park Hill project, a defunct golf course rezoned for development, has been a topic of much debate. Denver paid the Park Hill golf course owners to put a conservation easement, an agreement that restricts future development, on the land in 1997. Westside Investment Partners bought the land and came to an agreed proposal with the community to build 2,500 new units on the land, including affordable and senior housing, and reserve two-thirds of the property as park space. But on April 4, voters declined to lift the easement to allow the redevelopment, potentially signifying ongoing resistance to major housing development in the state. Key Facts Status Most Impact Approach Some legislation High-density residential passed, some failed development Avg. House Price 2023 Population Growth From 2010-2020 $540,000 up 14.8% or 774,518 people 17