Property Ownership Fairness Act
The legislation highlights the growing issue of affordable housing within Colorado, underlining how restrictive local land use policies can contribute to a significant housing deficit. Notably, it acknowledges that over 175,000 housing units are needed in the state, and such anti-growth regulations are viewed as detrimental to both economic stability and the welfare of citizens—particularly those in the working class. By ensuring that property owners have recourse against harmful regulations, the bill aims to fortify property rights and promote housing availability.
Senate Bill 063, known as the Property Ownership Fairness Act, seeks to provide property owners with the right to claim just compensation when local governments enact land use laws that diminish their rights to use, sell, or possess their property and decrease its market value. The bill lays out a procedural framework that property owners must follow to demand compensation from the relevant governmental entities. It explicitly bars local authorities from instituting laws that limit housing growth through caps on permits, addressing concerns surrounding the shortage of affordable housing in Colorado.
While the intent of SB 063 is to support property owners and promote growth, it has ignited a debate among legislators and community voices. Proponents argue that the act is a necessary response to regulatory overreach that can limit housing supply and exacerbate affordability issues. Opposition, however, centers on concerns that the bill may undermine local governments' abilities to manage development effectively and address public health and safety issues. Critics suggest that the broad definitions and protections in the bill could lead to litigation against legitimate zoning laws designed to safeguard communities.