Can the American Dream Still Come True on Cape Cod?

EDITORIAL BY ALISA MAGNOTTA

One of my favorite memories working at Housing Assistance is when I walked through one of the partially finished houses in a new affordable home ownership neighborhood we built on Nantucket. The lottery was completed, so the new homeowners were able to walk around with the confidence that one of the houses would be theirs. It was exciting to be there with our hard hats on, walking the framed buildings, matching the room layouts with the architecture plans.  

Coming up the stairs were two young girls. I could hear their laughter and the pitter patter of their feet as they ran with elation through the house. Hearing their conversation about who would get which bedroom and whose bed would go where reminded me of my own daughters and our first home. Their joy and pride were palpable.  

This was a special moment that I was honored to witness. It was one of those moments in life when a person experiences something for the first time. These little girls were experiencing the excitement of moving into a brand-new home where they would grow up and make memories. The American Dream had come true for this sweet family.  

Unfortunately, a recent headline gave a bleak outlook on homeownership opportunities for today’s families: “American Dream of Owning a Home Is Dead.” The Guardian U.S. news site was reporting on a Harris Poll of renters, the vast majority of whom worried they would never be able to afford a home. And based on what we are seeing in our market, that will be true without intentional intervention. 

While the poll was national in scope, we know that sentiments are similarly pessimistic among many people living and working here on Cape Cod. Today that dream of homeownership is even further from reality than when I walked that new home seven years ago. With no formal programs to alleviate the cost of construction so home prices are affordable, we build only subsidized rentals. Needed, yes. But let’s be real – affordable rentals are the least we can do for growing children, working parents, or aging adults. Let’s not stop there.  

We all know home prices have soared across the region, pricing out segments of the population, like teachers, firefighters and nurses. Since the ’90s, home production has been happening only in fits and starts, not nearly meeting the needs of our year-round population. Outdated, restrictive zoning, enormous increases in the cost of construction, a lack of funding and opposition to housing development plague even a modest step forward. Hard work is no longer paying off for many of our relatives, friends and neighbors. The opportunity to succeed, own a home and attain a better life – the essence of the American Dream – is fading on the horizon of our future. 

This harsh reality is what motivates and challenges all of us at Housing Assistance. We have been working for decades – five, to be exact – to keep the dream of homeownership alive. From rental assistance to energy audits, to financial education and home lotteries, to the construction of new homes, we cover the full spectrum between homelessness and home ownership.  

The Cape is a special place, worthy of preservation. That is why 40% of the region’s land is in permanent conservation. Doing more for the people who live here by adding housing in the right places at the right prices with a commitment to long-term, stable housing with a focus on ownership will help all of us. Studies show time and time again that home ownership provides lasting benefits to individuals and families through wealth creation, increased civic participation and financial acumen. But with total development costs now approaching $650,000 per unit, it is imperative that we collectively invest in housing and allow greater density so homes can share infrastructure and building costs. The higher the construction price, the higher the sale prices and rents will be.  

We are thrilled with the recent momentum we have seen in several towns. It appears most people get it now: housing is infrastructure and the more attainable options available the better for all. Let’s create places where young families have a chance to invest in an asset they can hand down to their children and long-term rentals where a retired couple can age in place, so we have housing diversity that meets the moment of their American Dream.  

Currently, we have nine projects in the pipeline … a mix of apartments and condominiums, including both ownership opportunities and year round rentals in Cape Cod, from Falmouth to Orleans. Every single project needs additional funding from towns and the state to layer on top of our bank loans and tax credits to move forward. We have hit a new high in both demand and construction costs.

The governor’s pending Affordable Homes Act proposes new funding streams and several innovative programs that would put affordable homeownership back into play throughout the Cape. We welcome our local towns to join us in supporting and investing in the creation of long-term, stable, attainable housing across our region. Working together, we can preserve the American Dream on Cape Cod for the next generation.