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were increasing while housing costs were significantly higher. Households totaling 26,000 were cost <br /> burdened, spending 30% of their income on housing. <br /> There were a number of economic factors causing the increase in housing costs, particularly supply, <br /> demand and externalities. The supply of housing was impacted by construction costs, turn-over of <br /> existing housing stock related to age and alternative housing and the availability of developable <br /> property, impacted by zoning, natural constraints and infrastructure. Primarily single family homes <br /> have been built on the Cape, creating a"mono culture" so that, when turn over occurs, there were <br /> limited opportunities for downsizing. Demand was influenced by what people want, need and can <br /> afford. Cape Cod was unique in that there were competing pockets of demand such as retirees versus <br /> workers, year round residents versus seasonal and long term versus short term rentals. The second <br /> home market continued to be strong with 38% of the housing stock considered seasonal homes, 36% in <br /> Mashpee. Externalities occurring on the Cape included traffic, wastewater and protections of drinking <br /> water, which also added to housing costs. Sprawl also increased impervious surface, which then <br /> increased stormwater runoff, impacting water quality, as well as habitat loss and reducing the ability to <br /> impact carbon. <br /> The impact of high housing costs impacts the economy by making it more challenging to attract <br /> seasonal and year round workers, as well as limiting workforce diversity. The current economy relied <br /> on a large number of people earning lower wages, but it was also a concern for individuals earning <br /> higher wages. Statistics showed that earnings for more than one worker were needed to purchase a <br /> home on the Cape. The housing situation created economic ramifications for the competitive position <br /> of businesses as well as the region as a whole. <br /> Ms. Harper stated that the Cape Cod Commission was working to identify ways to take action on a <br /> local and regional basis to increase the variety of housing and reduce costs. The economic goals of the <br /> Cape Cod Commission were to maintain and enhance balanced economic development to promote the <br /> expansion of employment opportunities and implement a balance for sustainable economic strategy, <br /> including the preservation of social diversity by promoting fair affordable housing for lower and <br /> median income individuals throughout Cape Cod. In order to impact the housing market, it was <br /> necessary to increase diversity of housing with multi-family housing and options other than a single <br /> family home on a'h acre or acre lot. By looking at Cape-wide housing permits issued in 2017, the <br /> Cape Cod Commission discovered that there were 441 permits issued for single family homes and just <br /> 3 f6r-multi-family homes. The land use practices in the market were not responding to the regional <br /> needs for housing diversity, perpetuating the challenge for housing affordability. Ms. Harper discussed <br /> the Barnstable County Housing Stress which showed that even those earning 120% of the median <br /> income on Cape Cod were unable to afford a median priced home. Looking ahead to 2025 and <br /> anticipating some growth and increases in population, employment and economic improvements, the <br /> gap between income and housing affordability would continue to grow, and would impact a higher <br /> income range. <br /> Ms. Harper stated that the continued growth was unsustainable and a new approach was necessary. As <br /> a result, the Cape Cod Commission was focusing on growth in areas with existing centers of activity <br /> offering infrastructure and amenities and resources to support additional housing development, with <br /> 2 <br />