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Louisville Road to Recovery <br />Spotlight on Housing <br />Em <br />1 <br />Louisville will recover and rebuild, and the City is <br />committed to working with our residents and partners <br />every step of the way. We continue to support and <br />advocate for everyone in Louisville to get our residents <br />home as soon as possible. This month we're focusing on <br />local housing and the challenges we're currently facing. <br />The loss of 550 homes and businesses in Louisville <br />resulted in many families being displaced. Some were <br />able to find temporary housing in Louisville while <br />others were not as a result of high rental prices, <br />varying insurance limits and other factors. <br />The loss of these structures has drastically impacted <br />our rental market. Rental prices are rising significantly <br />and it is clear from similar disasters that we're at risk <br />of facing a second wave of residential displacement. <br />Many not directly affected by the fire are finding it <br />difficult to afford to live in the community due to the <br />disaster -induced inflation in housing demand. <br />In a typical year, rental rates increase 2-5%, year over <br />year. The current rental market does not appear to <br />reflect this trend as the City is hearing reports of <br />rent being raised significantly beyond the typical rate <br />increases. A few factors may be influencing rental <br />rates: First, demand is much greater due to hundreds <br />of individuals entering the market to find temporary <br />housing. Second, many of these people may be able to <br />pay more as they may have higher income than typical <br />renters and are receiving support from their insurance <br />companies to pay higher rents. Lastly, many individuals <br />may wish to stay in the area and therefore may be will- <br />ing to pay increased prices to keep their families close <br />to their neighborhood, friends, school, work, etc. <br />The Colorado Consumer Protection Act (the "Act") <br />prohibits price gouging, which is charging an excessive <br />price for necessities during a disaster period, within <br />the designated disaster area, unless the increased <br />price is directly attributable to additional costs. Price <br />gouging violations are enforced solely by, and at the <br />discretion of, the attorney general or district attorney. <br />The disaster period under the Act for the Marshall Fire <br />began on December 30, 2021, when Governor Jared <br />Polis issued the disaster declaration, and will continue <br />for 180 days until June 28, 2022. Both Governor Polis <br />and Colorado Attorney General Phil Weiser warned <br />property owners against this prohibited practice <br />following the Marshall Fire. <br />In a typical year, rental rates increase <br />2-5%, year over year. The current rental <br />market does not appear to reflect this <br />trend as the City is hearing reports of <br />rent being raised significantly beyond <br />the typical rate increases. <br />If you believe you have experienced or witnessed <br />price gouging in the aftermath of the Marshall Fire, <br />we urge you to file a report with the Colorado <br />Attorney General's Office at stopfraudcolorado.gov <br />or (800) 222-4444. <br />Mediation is available for tenant/landlord disputes. <br />Please contact Boulder's Community Mediation and <br />Resolution Center at 303-441-4364. More details are <br />available at https://www.louisvilleco.gov/home/show- <br />publisheddocument/34149/637807189813730000. <br />Louisville is a special place to live, work and play <br />thanks to all of the amazing residents and businesses <br />who contribute to the spirit of the community. <br />We hope to see all families return to Louisville because <br />you belong here! <br />Page 2 • Summer 2022 <br />