Housing Crisis in Denver Caused by Cannabis Industry
The legalization of recreational marijuana in Denver, Colorado three years ago has brought economic growth in the area as cannabis industry raked in $700 million from last year's sale and $94 million from tax revenue in expected to be collected in 2016. However, as the cannabis industry flourishes, the local housing industry starts to perish.
According to housingwire.com, as more home owners and entrepreneurs who wants to enter the industry decide to move in Denver, the home pricing started to go up and becomes unaffordable by the locals. J.P. Speers, a real estate broker at Berkshire Hathaway Home Services, said "I do believe that there has been a huge amount of individuals who have moved out here specifically for the marijuana industry, and it has affected the housing market."
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