Why Denver Is Struggling To Keep Up With Its Economic Boom
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- čas přidán 14. 06. 2024
- Over 100,000 people moved to Denver, Colorado between 2010-2020, becoming a hotbed of venture capital dollars and economic opportunity. The city is ranked 19th as the best startup city in the world, according to Pitchbook. But this rapid growth has created challenges for the city, including a labor and housing shortages. Now as the city becomes increasingly unaffordable, the population has plateaued. Additionally, an influx of 40,000 migrants in 2023 are weighing on the city's resources. Watch the video to learn more about the challenges that have come with Denver's rapid growth.
Chapters:
0:00 Introduction
1:25 Growth
5:45 Labor and Migrants
8:20 Managing expansion
Produced by: Ryan Baker
Edited by: Darren Geeter
Animation: Christina Locopo
Senior Managing Producer: Tala Hadavi
Reporter: Carl Quintanilla
Supervising Producer: Erica Posse
Senior Executive Producer: Ray Parisi
Camera and Audio by: Van Applegate, Dan Dvorak, Breck Larson, Oscar Molina, Tara McCurrie, Rob Stookey, Micheal Kranicke, Drew Levinson, Kevin Sanchez, Bob Tatlock, Marco Mastrorilli
Additional Footage: Getty Images, Denver Metro Chamber of Commerce, Denver Arts & Venues
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Why Denver Is Struggling To Keep Up With Its Economic Boom
I have applied to countless construction and carpentry apprenticeships without avail. Everyone says we need bodies to build homes but when you ask around Denver nobody gets an opportunity because nobody wants to pay a living wage
Hang in there dude, and I hope you get something soon
I work in finance in NY. My friend lives in boulder and throws boxes for a living and is hard to make it. However I see a lot of new jobs in finance paying 100k at the entry level
@@Nick0wnsz I think the reality is that there are a lot of high paying jobs for people with degrees, but what many of those people don't realize is that most areas are also ridiculously expensive. In Boulder specifically $200k household income would make you middle class, and that might even be generous to assume. In Denver it's a little better, so most people who work in Boulder don't live there. I mean I know attorneys who work in Boulder and don't live there because it's too expensive. Meanwhile many of my friends who work more blue collar jobs are basically just trying to find a deal of a lifetime on rent so they can make ends meet. So many people who work blue collar jobs have to live far away from where they work, and eventually the place they live becomes gentrified and they have to move even further away, and suddenly your work force is moving farther away to the point where they aren't willing to commute anymore. Even with all the college students Boulder has staffing issues, because so many jobs don't pay anywhere near the wages it takes to live anywhere in a 45min radius.
I'm a software engineer making pretty good money, but out here I'm just the norm. I see service workers at restaurants and I just want to ask them how they're making it. I just don't understand how people can live with this cost of living working normal jobs, jobs that keep the civilized world in order, when having jobs that are often considered lucrative is the baseline for living a comfortable life. Back where I grew up people gawk when I tell them what I make, but they gawk even harder when I tell them what my rent is. Same people think it's crazy McDonald is paying people $21/hr, but then they realize that's not even that good considering that after tax you're basically making just enough to pay rent.
@Nick0wnsz damn. Finance (front office) is probably the hardest to break in. I have a CFA and every job I have applied to - there are 100s of applicants with MBAs and CFAs. I live in Toronto, Canada though. What I found is that due to extreme competition, employers are now hiring people with ready-made specific skills - even at entry level jobs. Here in Canada, finance jobs covering oil industry are asking for oil finance experience - it's crazy competitive, or am I wrong.
I suppose you are doing good in NYC. But I hope you have a life though:p
@@Nick0wnsz But you have to have years of experience. That's the dirty trick they don't tell you. When you are in college they make it seem like they actually hire people and train them. They don't.
Let's start with not allowing corporations to buy single family homes. They just turn around and put them up for rent via short term or even long term rentals.
I wish I could upvote this more than once.
I dont understand why this country is allergic to affordable, multi family housing
No one wants to have to pay and not make money to build. No incentive whatsover
@kimberiysmarketstrategy if you can't make money housing people, then it shouldn't be a business. Shelter is a right that should be afforded to everybody. Landlords are greasy thieves that profit from others' suffering.
We need to relax zoning laws so small individual homeowners can turn their single family home into multiple units. Combine this with competitive government subsidized housing and housing will be much more available and affordable
The reason why this country doesn’t want to build multifamily housing unit is because that single-family housing units are seen as an investment and makes money for everybody. it doesn’t matter if you’re in the city, the individual or the state. The city in the state get higher property taxes because single-family housing units are seen as an investment property meaning their value only goes up because everyone wants to invest and can invest. The only way for things to change is for an entire generation or two to stop buying housing and stop buying stocks of companies that buy housing. When no one wants to or can be able to buy single-family homes then the system shall change.
It's like saying "why are people allergic to a noble profession like teaching?" Yes, why don't you go all the way up to a master's degree (most likely with student loans) to make $40k? Why would I do that while I learn triple with my bachelor's?
"We need to build more affordable homes for people." -cuts to giant, single family houses under construction
America is trying to do everything except build smaller, denser, more affordable housing. It's crazy. Not everyone needs a 4 bedroom mansion with a yard. We need to build a lot more town homes, duplexes, or (THE HORROR!) midrise apartments.
I'd rather just have smaller 1-2 bdrm homes being built.
More apartments means more landlords, which means less opportunities for property rights and wealth accumulation.
@@BabyGirlDontEvenPlayYou can make condos if you really don’t like landlords . you own the apartment outright then. or we can build co-ops which is a shared system where you vote for who your new residents would be as you all collectively own the apartment building . These are a lot denser and you have the sense of ownership and with a co-op you have the sense of community and security .
@@shaddythewiz3836 Build more homes.
@@BabyGirlDontEvenPlay yes... Condos and co-ops are homes. There are many kinds of homes.
I need a mansion with a yard. That's why I live in Chicago! 5000 square foot brick house with a very nice garden!
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this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
My wife and I are teachers and we used to live in the Denver area. On both of our incomes it was almost impossible to live in a safe apartment. We moved to Ohio, bought a 3000 sq ft 3 bedroom home and can now afford to have kids on the same salary
I been hearing a bit about Ohio being affordable.
Are the winters very bad?
@@geofox9484nah, I mean occasionally it could get into the single digits, but usually it hangs around teens to low 20s and 30s during prime winter
"cost of a home went up 65% in 10 years, and wages went up 20%" should be a red flag and should have legislation to prevent or else people wont be able to buy homes any longer as it snowballs and compounds
Even if you have a full-time job and you make $27 per hour, Denver is still too expensive to live in!!!
Hey what’s up 👋
@@ScarletPattieLaylawhat’s up scammer
@@ScarletPattieLayla hi
@@user-ow6qy9km8w howdy 🤠
@@user-ow6qy9km8w Howdy 👋
It's pretty obvious to any native of Colorado that there was a sense of unpreparedness from our Government as Denver grew too quickly. My God, it was like a feeding frenzy for a few years.
I visited Phoenix this year and I could tell that city's infrastructure was used to being that big.. compare to Denver which has the same main highways, same train lines, the same parks, the same buildings as it did 20 years ago when I was a kid, it feels strangely overpopulated
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA ‘’Marisa Michelle Litwinsky’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Love how they said the population that grew up here isn't educated enough for a lot of the jobs and then mention how CEOs call every day asking to hit the immigrants.
So true. That’s because they will line up around the block to pay incredibly low wages. The funny part is that a lot of employment ads will require Masters degrees and offer you low wages as well.
A lot of people who have jobs that should pay decently but don't require education have to sleep in their cars. I'm talking welders, pipe layers, electricians, etc.
@@pestemmedico6369 The manipulation is strong 😂Who do they think they are fooling??! with technology at everyone’s hands today its only gonna backfire 💯 😂
@@calebtot littlerally knew someone that happened to him. Moved to Vegas and never looked back. At least in the desert, you’re not gonna freeze in your car like in Colorado. Screw that bs😂
Educated immigrants though...it is well known that muricans aren't the smartest,especially in STEM🤷♂️🤷♂️
I live in Western Kansas. We have been getting a lot of transplants from the Denver area, especially after COVID. It's not just my town, it's all towns in the region. Since we have been suffering from depopulation for so long, we see it as a blessing.
As someone looking to relocate (from Portland, OR), your comment about relief from depopulation piqued my interest. Any particular towns/small cities that are starting to be on the upswing?
@itsirkeel several towns in the area saw growth between the 2010 census and 2020 census, such as Atwood, Oakley, Colby, and Hoxie. These are all small towns, but they do offer basic amenities (a grocery store, high school, etc.). Based purely on my observations and conversations, I'm guessing many more communities in the area will see growth between the 2020 and 2030 census.
nobody is moving to western kansas dawg it's a dust bowl and tornado alley. Not worth building anything nice out there.
I'll never forget that one time I was passing through Western Kansas and stopped at a local restaurant. I didn't even have to say anything and some dude came up asking if I had weed 😂😂😂
@@itsirkeelcheck out Beloit Kansas
As a Colorado native I can tell you our state is ran by real estate moguls who want to keep property values high. They could easily rezone for smaller affordable homes but they only want luxury or oversized homes.
As a Chicagoan, I love Denver. I love Colorado. The people are chill and nice, the weather is great, and the nature is unbelievably beautiful. if Denver could figure out their public transport system and housing, it'd be awesome
Welcome to Colorado dude, but as for the very unreliable light rail, it’s never been better. I just wish they were able to retain and maintain staff and the facilities.
Welcome to Colorado dude, but as for the very unreliable light rail, it’s never been better. I just wish they were able to retain and maintain staff and the facilities.
Welcome to Colorado dude, but as for the very unreliable light rail, it’s never been better. I just wish they were able to retain and maintain staff and the facilities.
Welcome to Colorado dude, but as for the very unreliable light rail, it’s never been better. I just wish they were able to retain and maintain staff and the facilities.
I concur. I love Denver too. Like Cali, Denver has the Women, W33d and Weather. I just feel the City is overdeveloped. 😁
The tax dollars pay for free housing for migrant workers. But to do that they have to cut local programs and services for Americans in Denver that pay those taxes. 🤦🏾♂️
illegals not migrants.
👏 👏 👏
That’s very true
Absolutely ridiculous!
"Job opportunity" meaning many low-paying jobs. Unsustainable here hahaha
Facts! Finally someone who sees what I see and brave enough to say it out loud with me.
have to keep them in the poverty trap so they're loyal/desperate, come in to work everyday and put up with all the indignity.
I mean you gotta have at least a high school diploma if you’d like to get a good job. Tired of people blaming Colorado for their own shortcomings
No. Lots of decent paying blue collar jobs. Problem is that people just starting are asking for unaffordable wages. More experience more money. I know vehicle mechanics techs living is 1mil plus home just from how much they get paid
@@unkyunghyou’re full of it. Mechanics get paid very little compared to what the shop charges the customer per hour. And it’s hard to make a living as a mechanic on flat rate. Only the very best make decent money.
I left Colorado last month. Do not regret it at all so far
same
Same, I left in 2021
where to?
@@paulMuadDibAtreides21 Minnesota. Winters are rougher but it beats Colorado in any other metric that I care for
I lived there from 1999-2019. I moved to the rural outskirts of NW Phoenix never looked back. I loved my time in Colorado/Denver and i’m proud to say I lived there but it became a shithole around 2015 or so. I owned a house in a great area, had a great job. But I just woke up one day and said I’m out. Sold my house 2 months later, moved to AZ site unseen.
So many lies by the governor and mayor in this video. If you live here you know. Teachers cant afford to live here. Air quality is crap that is why starting this year the EPA is requiring specially formulated gas due to surface level ozone levels. There are jobs but they typically dont pay enough for you to live alone. And over the past year more people have moved out of Colorado than in. We are losing native residents to other states due to cost of living increases of 100% over the last 5 years. Inflation is far outpacing the national average here as well.
It's true, I'm a native and moved to the Midwest years ago. So much better
The growth has plateaued too. 2020 was the peak. Many people are leaving. That was largely left out of this video.
As someone who has been here the last 15 years, 100% agree. I have known more people moving out to other states than coming in. I will be leaving soon as well. It is impossible to afford to live here.
Grew up there for 30 years and then had to move to the midwest because I couldn't afford it anymore. It was alright though, Denver is a terrible place for families and Minnesota has been a lot better
Minnesota is really great if you're far enough away from Minneapolis. I miss the lakes.
I did the same moved to Illinois. It was sad to leave CO though
Same here I’m a nurse. Grew up in Denver. Now in Ohio
Nice. Hope more people follow your steps. We really need people to leave. Especially the transplants here.
Look at downtown Denvers renter market.... we dont have a housing shortage, we have a affordability shortage. Most apartment buildings in downtown denver are half empty and charging +$2000 for rent.
This is why I’m having no luck landing a job after 3 months. Guess it’s time to move.
Come to Portland, OR 😎
@@alperenarslantas8130I want to go to Portland. I love the trees and weather!
That’s everywhere in the US. I’ve been on too many forums and watched the national job market for a while and last year was rough nationally. I finally landed a job after a year (in CO). National statistics are 6 months last time I checked. It also depends on your sector. Some jobs can be extremely competitive. Keep your head up, keep looking and I wish you all the best in your search!
If you can’t find a job in Denver something is wrong with you
@@alperenarslantas8130literally the worst state to live in
Born and raised in the Denver Metro area. I had a hard time growing up and barely graduated high school due to a lot of turmoil in my life. I am playing life on hard mode by trying to simply live where I grew up. Nevertheless, in my twenties I worked hard and gained a certification as a welding inspector which is supposed to be an excellent and high paying job. Nope, still doesn't cut it. Still can't afford to live here. So now I'm running my own business. It's been a year and a half since I started it but I have to live at home with my parents. It's looking like I might actually make it but damn its not easy.
All these Californians moved here and oh look, it looks more and more like California every day. Oh the joy. Thanks, California. Scott Wasserman, you're not welcome here! Go back home.
Denver needs to do better but man it's the United States. People are free to move wherever. I moved to Denver for work because I graduated college and got a job in the Denver metro. I wasn't gonna go back to my rust belt hometown with no jobs in my field. Colorado needs to be better about supporting people who grew up here and part of that is actually funding our damn schools. Colorado is near the bottom in the country for funding primary education and it obviously shows.
@@legatus_newt go back home
@legatus_newt
You're not welcome in CO, leave if you don't like it
Lived in the Denver metro area from 2000-2021. The housing prices, traffic and just overall overcrowding just got too ridiculous. I loved the place when we first moved there, but around 2015 it just felt like it was going downhill faster and faster.
so growth and change means going downhill? i get that a place may no longer be it for someone, interesting narrative none the less.
@02nupe "the city needs to stop changing after MY family moves there."
@@02nupe YT comments didn't seem like the place to post a diatribe, but number one on that list was housing prices. Two off my three children left the state because there was no way they could ever afford a home there. Add in the constant run-around of tabor with ever increasing fees on anything government related, property taxes that doubled over a 10 year period, Aurora became what seemed like a lawless ghetto and police state paradoxically at the same time, PPIR closed, Second Creek closed, Bandimere essentially forced out. The icing on the cake was the ever increasing draconian gun laws to the point that everything I enjoy doing in life there was becoming illegal. I could go on, but traffic was the least of my concerns. I didn't even mind the legal weed.
I had to leave Denver after 30+ years because it has gone to hell. I miss the way it used to be, but I live in a small town now and know I made the right decision.
European cities are denser and are also often nice to visit and *walk* through or ride the *public transit* through.
Somehow, US cities just get to feel more crowded and congested without being denser per square mile.
Can you guess why?
We have rich white kids in their 20s moving here, willfully paying obscene rent to corporate-owned housing, and none of those kids want to do the jobs that the state needs. I've lost count of the number of marketing majors in this town. Skilled labor and service industry workers can't afford to live here, and the answer is not better commuter options, it's reducing the rent. Corporate landlords have no reason to educe rent as long as people are willing to pay it, and they can afford to have large amounts of vacancy because unlike traditional landlords, they don't have a month-to-month budget for overhead. The federal govt needs to place a cap on the amount of housing that corporates can own, and the only way that cap can be circumvented is if building occurs outside of Denver city limits.
Ironic, because I was in Denver last year and swear there were apartments going up everywhere I looked. Sounds to me like there's not a lack of housing, but a lack of affordable options.
Most of them are empty, same with the office buildings downtown.
Yep, I call it Crane City…they are constantly building.
Not enough South Park.
As someone who has lived in the Denver Metro area for the past 25 years I’ll give you some perspective from my point of view.
*The homeless population really started to climb when they legalized weed in 2012. And with the state no longer being a “swing” state the policies especially in Denver city limits exasperate the homeless issues especially with the recent influx of migrants
* Traffic is awful here no matter the day. When I first moved here in 2000 you could zip around a lot easier, especially on the weekends.
*If you want a job here they are readily available. It was much harder to find work here 25 years ago. Now will that job support the cost of living here well that’s another question.
* The worst part though is the housing. In my area which is on the west side of the Denver Metro area you could easily buy a nice house for about 400-450k prior to Covid.
Since Covid those same houses are now 800-900k and when they list they are sold in a few days. I have no idea how people can afford them with 7~8% interest rates, my only thought is most of them are moving in from other higher priced states like CA.
I have had some of those high-end tech jobs from California, and I have also just bought a house (my first house) this year at the high interest rates (not in Colorado though).
I can tell you that even for me, with all the unfair advantages I have (because a lot of my situation is based on luck, not me being better than any other person in the labor force), I absolutely cannot touch a $900k house at 7%. I think I could find a bank that would approve me for that loan, but there's no way I could actually live with those payments.
The people buying those houses fall into one of a few very specific categories:
- Full Cash Buyers: People who have large amounts of non-labor wealth (inheritance, stocks, etc.), or are non-individual buyers like investors who buy houses to put them on the rental market.
- 20-30% Cash Down Buyers: People who have enough cash on hand to put down up to 30%, bringing the payments on those houses down to around $5k/month for PITI (Principal, Interest, Taxes, Insurance). $5k/month is near the top of a household that has no other debt and makes $150k/year gross.
- Older People Upgrading: People (mainly Boomer or Gen X) who bought their first house in the 80s, 90s, or early 00s, that are able to sell their current house for almost full or completely full equity and use those funds to greatly reduce the monthly payments.
Those houses are not (mainly) going to people who just have tech jobs and are young, because at that price/interest rate combo, even they likely don't have the assets/cash on hand to actually finance a sale that large.
@@jordanledoux197 this needs to be pinned or archived somewhere, you’re so spot on.
The traffic is bad because the public transport is so bad it's unusable for the majority of people in the Denver Metro
been in Colorado my whole life. This is pretty accurate.
Unfortunately the legalization of weed definitely marked the beginning of the end
Massive rise in homeless in the past 5 years. Traffic is a joke. Saturday traffic exists and is bad.. stand still traffic on i25 on Saturday, traffic up to the mountains
There is a weird massive gap, because a bunch of high earners came from Texas and California, and can afford some of these insane things because they were offered insane salaries to come out here.
Massive wealth inequality here
I've been in Denver for 10 years and this is completely accurate. The only thing I would add is that a lot of people move here for the outdoor activities, but now if you don't get to a trailhead by 6am to go hiking, there is no parking and you can't park on the side of main mountain roads. Going skiing also requires leaving at 4-5am, but then you sit in traffic for 3 hours on the way there and literally 4-6 hours on the way back. If you want to go outdoor rock climbing, you first have to battle the parking situation for popular spots and then stand in a line around a crowd of other people standing in lines for other routes just to go climbing. Denver is a mediocre city at best, with tons of crime, homelessness, and now too expensive for what you get. Definitely not worth it for the overly crowded outdoor recreation anymore. Great weather though.
You gotta love that there are so many jobs and yet I know so many people that aren't getting return calls or emails for ANY of them. That labor shortage seems real.....unreal.
Denver also leads in gentrification. As a young millennial born in Colorado this boom hurt locals. I was unable to buy a home and barely could afford rent when I lived in CO. My home state is no longer recognizable its home to the rich and is pushing out the middle class and poor. I had to move where cost of living was reasonable and can proudly say I am a homeowner now. I miss Colorado all the time though, wish there had been jobs that paid a liveable wage there and housing was affordable.
I’m not hearing anything about what those 2:1 jobs pay? Perhaps no one wants to take them because they don’t pay enough…
Correct.
If they’re not talking about it, something is off. but then again, someone is getting suckered into the twister🙈
don't forget the predatory landlord companies situated in florida that own most the rental buildings like Boutique/Wheelhouse. there's only like 5 companies that own all the buildings available for rent and that a 350sqft studio apartment is ~$1300-1500/mo and most of the new buildings are half empty and pad their 'residency' by using VRBO and airbnb and other "short term rentals". Denver needs to punish the real estate and venture capital corps that jack up rent and keep half empty buildings.
and by thousands of iob openings they mean jobs where they want to pay you 15 dollars an hour in a city where even tiny1 bedrooms are 2k plus a month
Too expensive for rent.
i really dont get it, it is a giant flat land, there are plenty place to build. been there couple time, living further sux but affordability is the last thing come into my mind when I drive by Denver. not like Seattle, you have lakes and mountains that limit the space to build. Danver is like Dallas, can expand all directions.
So then go outside the trendy areas. Studios and 1 beds can be had for 1300-1800. 2 beds run from 1700-2000. Get a roommate. No one starts at the top.
The worst thing that happened to CO was being the first state to legalize weed. People moved here in droves. It was terrible. The over abundance of people completely ruined the front range.
All that is over now though. The cost of living, especially housing, is so high now, people are moving out.
Like locusts to a crop field. God willing, please don't let my lovely area appear on these 'best towns' lists in the major publications lol.
If they want to solve the housing crisis, they need to stop allowing investors and corporations buying up housing.
Yep.
that free market is such a pesky thing...
That ship has sailed
@@avernvrey7422 That free market is equlient to Arestocracy on pre revolution Russia of where Elite owned properties and peasants suffered.
@@avernvrey7422 "free markets" can be ruined by the few and powerful.
Maybe I missed it but aside from the inflated housing prices, the cost of living, groceries utilities etc has also skyrocket with this growth while the city has taken more tax revenue than ever before. Not to mention these “skilled” jobs they need filled are being offered for 50-60k a year which certainly is not enough to afford a home let alone the triple tax and cost of goods
I dreamed of moving to Denver about 15 years ago, when the population was much less and could easily find a nice home under $400k. But too many people stresses me out as does being too poor to live there.
If you moved to Colorado and bought a home before Covid, then your mortgage is reasonable and everything is fine. But if you come after Covid increased prices by 50-75%, then housing costs will be a problem on the average salary. Summit County Colorado, where there are four ski areas, would have regular boom and bust real estate cycles. But once most of the land was built out the bust cycles went away. The same thing is now happening to the Front Range.
Been here all my life. All my family and friends are here. All the people who flood into the state ruin the chances of me being able to buy a decent home in my native state. Everytime you go to the mountains now its clogged with traffic and littered with people. Doesnt even feel like nature it feels like a museum of what it used to be. I can only imagine how native hawaiiens feel.
Born and raised in Denver. 1993-now. This city and state are trashhhhed. It is NOTHING like it was even 20 years ago. What a beautiful place and amazing life that used to be had here. I’m moving out as soon as I can save enough to get out… which is almost impossible because I work 2 jobs, 60 hour weeks and can nearly afford rent. If you are thinking of moving here. I wouldn’t. You will regret it everyday and be stuck financially if you want to leave. It’s a black hole of sh:t.
unfortunately the cost of democrat leadership.
You sound bitter and unhinged. Get psychiatric help
@@xMrCANNONx Funny how large, largely successful metro areas end up run by Democrats. It's almost like the Republicans were never able to bring in enough jobs and services to keep their jobs when those areas were smaller...
Colorado is the seventh state we have lived and worked in. Now that we are retired, we are even more active in our community. We loved the first five cities we lived in in the 1980s and 1990s, although now they deal with diminished employment, financial, and educational well-being. Our two most recent locations have real growth issues, among other common social problems. Perspective is important. Even when typical city and rural social issues are included, issues related to growth are better problems to deal with than the opposite.
lol, it's always the same message from CO's city/state officials: "Don't worry, things are looking great for the future, things are gonna be awesome!" Rinse, repeat
you forgot the most important part of their speeches.. "but only if you vote for me"
Things are going to get much, much worse. Move out to the country or move to another state.
Looking great for the top 10% of income/net worth people. Everybody else is screwed.
That's any of the officials of these hype cities. It's a scam that goes like this:
1. Advertise a city as the greatest thing in the world.
2. Wait for dummies to move in
3. Work with city officials to renege on all claims and make quite a good buck in the process.
It has been a tough this year, filled with hardships and struggles globally. From economic challenges, job losses, market volatility, conflicts in various regions, and financial difficulties, it feels like everything has been going wrong. How can I make ends meet during these tough times?
A wise person must know that in order to build success, they must invest wisely and have the proper knowledge or guidance in the financial market.
Honestly speaking, investing is a smart way to secure your family's future, grow your wealth, and stay ahead of inflation.
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
Things are getting worse these days, if you don't find a way to multiply your income, you might wake up one day to realize you did not mean well for your family
Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.
Applied for nursing jobs with HCA in their med/surg departments in Denver. Applied to three hospitals, didn't get anything. They were paying $28 to start in 2018 as a new grad nurse.
Definitely not enough to even pay rent in Capitol Hill to live near the hospitals at that point in time.
Colorado is not it.
It is really easy to find a job here. The problem I've run into is the really low pay.
Denver was super boring for us when we went. People are nice but downtown closed at 10. The whole time I was there, they advertised for on the spot construction hires. A gentleman asked me if I wanted to make 30$ an hour and I laughed at him and said I make way more than that. 30$ is minimum wage to the cost of living in Denver
Hey what's up
"I make way more than that"... and you probably don't know a hammer from a screwdriver.
Same thing happed to Austin. Was a great place 10 years ago, but now a middle class home that was $150,000 is now surpassing $1,000,000. What a freaking joke. The "new" middle class is $50+ an hour. Because of that crap, I moved to iowa, life hasn't been better.
Grew up in the state, and was priced out a few years ago thanks to the transplants
Homelessness and auto crime are the real problems across the entire front range. Everything else is expected of big cities.
Best way to fix the housing shortage is to continue to build luxury homes and luxury apartments. They say just to work hard and skip buying coffee, and it's attainable. Our generation must be so lazy.
The issue isn’t the luxury apartments getting built. It’s the affordable housing that isn’t. It’s unprofitable to build more affordable housing due to zoning laws and the amount of red tape to get through. The only things being built are single family homes and large luxury buildings. We need more small time landlords with each property being 2-10 units
What about skipping avocado toast. I remember hearing that was the problem a lot of people.
Lazy partially, but more so entitled. Get a roommate, a girlfriend, or live with family like past generations did. There will never be enough housing for everyone to live alone in a one bedroom in a desirable neighborhood.
Denver officials have in the past boasted about their city being a "sanctuary city." That isn't such a smart position now.
The USA needs immigration for jobs such as the ones mentioned Colorado is having issues finding people for
@@johansm97 The federal government ignoring immigration policies and the government not mandating e verification has allowed corporations and all kinds of small business owners to drive wages into the ground. Even National Public Radio understands that the use of cheap illegal labor dramatically affected wages in many sectors and now the only people who will work those jobs are immigrants.
@@johansm97gawd bless Murica 🤓🖕
@@johansm97 - These are almost entirely low-skilled people being imported in. We need some. But not millions.
@@firstlast8258 - Nah. It's gone. I just don't want the city I live in to become Bogota or Guadalajara. Is that difficult for someone like you to grasp?
There simply isn’t enough population in Denver for in-person jobs. In 2002, we were planning a new state of the art data center in Greenwood Village for Great-West Life. This nearly $200 million project was cancelled because it was forecasted that we would not be able to source the nearly 500 resources needed to staff it over a ten year period. While I was the IT Chief of Staff at Optiv, I regularly had 140+ open reqs for high paying technical positions and even opening up the search, both nationally and across near shore and offshore locations, we still couldn’t fill them.
That and people in Denver don't want to work on Friday's, either....at least that's what noticed working in tech. Everyone takes off and heads to the mountains. When I was living in Denver, I was surprised at how "lazy" everyone was compared to my working in other cities, and how the no one ever showed up to work on Fridays LOL. Friends who were managers in other cities that moved to Denver said that managing people there was "different".
The issue that scott wasserman was talking about regarding the lack of people educated on colorado is FULLY a result of policy. colorado continually cuts funding for higher education to its universities making it too expensive for many to afford to keep going, even in state.
300 days of sunshine sure - what they don't tell you is that 150 days of that sunshine is below freezing :(
We don’t get 300 days of sunshine, unless you consider any day where the sun peaks out at all as a “sunny” day.
Cold weather and lots of wind too.
@@bobryan2856 Always wind - especially here in the Springs.
According to every source that I found the average daytime temperature is well above freezing every month in Denver.
Nighttime temperatures are shown as below freezing for the winter months but
one doesn't get much sunshine at night in the winter anyway (tongue in cheek).
So I don't know why you think the daytime temperature is below freezing
for five months of the year.
No doubt it's significantly colder in the mountains but we're talking about Denver proper.
@@geofflepper3207 Well I live in Colorado Springs we are higher than Denver.
@3:00 Nothing but truth!!! As a graduate of one of the university's here in the Colorado Rockies, I got way more job offers outside of the state than inside the state! BK
Unless it is a Nurse, Doctor, Lawyer.........Most jobs should not require a college education. The paper ceiling in harming the economy.
Too bad you have to drive in 90% of Denver. Would’ve been great to have build public transit w density back when you knew a bunch of people were moving there.
300 days of sunshine. Not including the floods, fire, cyclone snow bombs, tornadoes, snow, hail, breaking bones slipping on ice or nosebleeds from extreme dryness.
More like 185 days of sunshine according to a more recent report. Years and years ago there was a report touting 300 days but it’s not true.
@@thetravelingspinster95 But it is a very sunny climate. Aside from AZ and NV, and inland SoCal, it's about as sunny as you can be in the US.
@@thetravelingspinster95 When you consider the amount of sunlight, it is over 300/yr. How often is it overcast or mostly cloudy? May 20 days?
I left Denver in 2014. The writing was on the wall back then...
Live in Denver now, year 13 and the pricing is outragious and jobs can't keep up with the inflation rates. Probably will have to move sooner than later. A lot of people are getting priced out.
Really well done overview of pros and cons of Denvers' economic growth.
Struggling to keep up? Really? It’s experiencing sudden and explosive growth, and housing is being built more quickly than it has ever has been. Every single person moving to CO and Denver is a direct cause of urbanization of Colorado. And the state government keeps pumping promotion to continue growing. Housing prices have tripled in 10 years … it’s not healthy, sustainable, and all of the people moving are doing so on a marketed set of beliefs and don’t realize that they’re creating an unstoppable abomination in the area. The West is fleeting, and these people are the end of Colorado. Kiss it goodbye …
It has a type of omelette. So, I guess that accounts for something.
the omelet will be $24
I live in Colorado Springs and recently retired. My property taxes and insurance are increasing so rapidly that I may have to come out of retirement just to pay these exorbitant increases. My monthly escrow amount is what my mortgage was 10 years ago
The weather can be pretty crazy here. 300 days of sunshine? Not exactly. It can be in the 70’s one day and snowing the next. Or sunny in the morning and raining in the afternoon. The intermittent “warm then cold” can stretch for eight months. I don’t put away my winter jackets until June!! But summers here are overall really nice.
Jobs are strongly decreasing, living expenses are rising high compared to wages
What happened to all the great new jobs Biden says he created?
Colorado native and Colorado School of Mines alumni. Electrical Engineer in the power industry. Denver sucks, politicians and business leaders/practices ruined it. Lots of violence, full of drugs, no solution path for homelessness or immigration, traffic congestion, outdated infrastructure, inflated housing, unreasonable cost of living while being situated in the middle of the country... The list goes on.
A lot of talking in Denver and Colorado, and not a lot of doing. Nothing to show for the years & years of suggested policy adjustments.
@@mikkoberger8683Way to reply to your own comment LMFAO
💯
I am one of those educated people imported to Denver metro from out of state. It is concerning to me that the education services this state gives are substantially worse than where I grew up. And it of course factors into why I was recruited here but I think you'd almost be hesitant to start a family here for that reason.
0:41
Do NOT let these freaks lie to you. There are over 5000 vacant homes in Denver RIGHT NOW. There are enough resources for all of us. Who are the ones saying there isn't? The rich.
Colorado also has the highest inflation rate of any state
I'm pretty sure that's Florida 🤔
@@naptime0143 between 2021 and end of 2023 it was Colorado.
@@jaredthomas9246 Just came from living in Miami and its significantly worse there.
@@thom7463 possibly I'm talking about entire state
Nope
Prices are not easing up😂😂
I believe the population in the Denver Metro Area is shrinking now. More people are leaving then moving in. The cost of living, especially housing, is just too much now.
One contributor to the major aerospace industry is CU Boulder. Nationally the university might have the stigma of being known as a big "party state school", but it has the most NASA funding of any Public University. Most big state schools like CSU Ft Collins where I went I think just has a Mechanical Engineering Department and Aerospace is a subfield in that. CU Boulder has Aerospace and even a dedicated facility just for it on the East campus. Then you consider that CU Boulder co-owns an engineering research complex with CSU and UC Berkeley and NSF under the Horsetooth Reservoir Dam, it's easy to see how the Aerospace Industry was attracted. A lot of the research done at these schools and Mines, University of Wyoming too, is wind tunnel tested in Colorado Springs at the Air Force Academy. So the Air Force Academy having massive test facilities that support CU's aerospace research factors in. You create a petri-dish with a metro area of 3 million between Boulder and Colorado Springs, it becomes the Aerospace epicenter
Try to apply to a tech job here. You'll hear the same thing you hear everywhere else. You don't have 3 to 5 years experience for our entry level role, sorry!
😂
That’s because they would rather hire h1-b over us.
@@HeadStronger-HS Thank you, that is 100% correct, and its a damn shame that native born Americans are getting screwed over for foreigners. What other country makes its citizens compete with the rest of the world for jobs?
Tell NIMBYs that R1 zoning, million required parking lots, and minimum lot sizing needs to go. You gotta be dense like European cities to enjoy less homelessness and cheaper housing. Smaller, yes, but *cheaper.*
You don't have to be dense. You just have to build. The problem is a process that makes it difficult and expensive to build.
@@ISpitHotFiyaa In fact, you do need density if you're going to have any substantial quality of life. Sprawl leads to "drive till you qualify", and yes, you get to SEE less homelessness that way, but it is still there. You spend more on services in the long run leading to continued flight, and you lose out on successful third places, job opportunities and cultural benefits.
@@nickmonks9563 No it doesn't. If you don't like "sprawl" then don't live in the suburbs. People like you telling other people how to live is exactly the problem with housing in this country.
@@ISpitHotFiyaa I'm not telling other people how to live. I'm explaining that if people want to actually solve the problem they will need to modify their expectations. If the place you can afford to live in is two hours from your job then you have a problem. That's the nature of sprawl. Sure, if you're lucky enough to have a high paying tech job near your suburb, good for you. But that's not the reality for most people. On top of that, suburbs are subsidized by their more dense counterparts (and by increasing new sprawl) because there is just so much more infrastructure to build and maintain, but not enough of a tax base to maintain it after around 20 to 30 years...which leads to people fleeing those suburbs for other ones or other cities, diminishing the tax base, making those locations unsustainable. Now people might be able to afford to live there, but the services are awful, employers don't want to be located there, and you're left with continued housing issues as a result.
Density by itself doesn't solve the issue, but in conjunction with smart planning and incentives, it is a major component of building sustainable housing solutions, in addition to sustainable cities in general. That doesn't mean every locale needs to be a skyscraper riddled nightmare, but single family cul-de-sacs have very limited sustainability value in a housing crisis.
@@nickmonks9563 That's not the nature of sprawl. That's the nature of oppressive planning. People live two hours away because the cities two hours away actually allow houses to be built whereas the ones near the jobs are worried about sprawl and therefore don't allow houses to be built.
Quite informative
Its getting ridiculous. House next to me just sold for $985,000 on a busy street next to a rental.
It’s not the same place I grew up in. But the breakfast burritos is still the best lol
Hey what's up
Let's goooo #YIMBY
Yimby people can GTFO, that is why we have the homeless program.
I’ve been looking for a new job in Denver for the past 7 months and have had zero success. 2 jobs per person my ass!
Denver is a lovely city but it is starting to have some of the same big city woes as LA, Chicago, NYC, etc as it grows. It's really hard to break past 1 million without experiencing this. Now that people have more flexibility in where they live, you have an influx to more desirable locations. If the city isn't ready for that growth, then it becomes very problematic for everyone there. We looked at Denver but decided on Colorado Springs instead - it's still within 90 minutes of Denver and the airport but doesn't have nearly the same problems as Denver (yet) - but everything we need/want is already here. And, as a bonus, the mountains are _closer_ down here than Denver. We would have to pay a lot more to live in Golden or Boulder for a similar experience. I'd even consider Pueblo if crime wasn't so bad down there - although the mountains are a bit further out.
Colorado Springs looks lovely!
I lived in Denver for a few years in the early 1980s. The thing to know about Denver is that it's the only big city for 1000 miles in any direction, so it's kind of an odd place. People think of it as a major city but that's mostly because it's all by itself in a geographic area that is either plains or (to the west) a mountain range all around it. It's nice, but it's no NYC or LA.
I haven't been back there in decades though so I don't know how much it's changed since then.
Thank God it's not LA or NYC.
Really dumb to show strict Denver city-limits population rather than the 3.5 million metro population. Especially when most of this video is referring to the metro Denver vs. only Denver city. Super stupid and misleading.
I don't think as a CU Boulder graduate I would be able to afford a SFH in Denver. It is crazy to think that simple apartments are termed as Luxury ones as long as their appliances are replaced upto five years ago. And rent on those shoeboxes are 2200/2500 for studio/ 1 b1b.
Why this channel CNBC doesn't have location icon in its description?
I’m from Denver and they gentrified my neighborhood.
$155k per bedroom bathroom suite if willing to live with housemates, basically shared kitchen and laundry. Good for starting out. ❤
Basically half of Denver
I have never been to Denver before, so I don’t understand what attracts so many people to live there.
People who love snow?🤷♂️😂
Mountains, Outdoors, Weed, Sports, Entertainment Scene.
More of a Beach kind of guy myself so I’ll stick with coastal living but some ppl like the change in scenery.
It's really not that special. I don't understand the appeal and it's NOT close thr the mountains, still an hour+ drive and longer with the influx of idiot drivers here.
Diverse economy, which means, for educated and bright people, there are opportunities for career advancements. Then, the weather is mild and pleasant all year round. Not to mention outdoors: skiing, hiking, camping, snowmobiling, rock climbing, rafting, etc.
PS. I dont live there, I currently reside in San Diego but I lived there 2000-2014 and loved it. Still feel sentimental everytime I go back to visit my friends.
It's the jobs. ReMax, Fidelity, and plenty of midsize companies have their main office or branches there. Google, Intel, Oracle, and a lot of scientific practices have satellite offices in Boulder, and since their pay is still attractive for all sorts of people in the immediate Midwest, they end up moving to Denver since it's a lot more "affordable" in its loosest term and to live in a big city. It's also one of the few Midwest cities with international airport connections.
This was very educational 10:50
This state continues to give me opportunity that I am greatful for it's kept me out of harms way with inflation thank you
No mention of 2024 budget shortfalls and subsequent cuts to the Denver Police force and Fire Department. The Denver city budget isn't doing so great. Also, Denver Health is also having budget issues.
keep voting democrats, that is what you get. not like Republican is good, but at least they spend less on useless things.
Living in Los Angeles, I just don't see the appeal for living in Denver. What does Denver have that LA doesn't already have? 1.7 jobs for every 1 job seeker? If all the low-pay dish washing jobs, cook jobs, janitor jobs, and the higher pay plumbing jobs, caregiver jobs and nursing jobs are excluded from the pool, how many jobs that are available are also desirable for the average job seeker?? How many of those so-called jobs available pay a decent wage to afford the cost of living in Denver? Numbers alone don't mean anything. Yes, the 70,000 homes shortfall also doesn't mean anything when the city has how many thousands of asylum seekers from all over the world?
The thing Denver has is not having to live in Los Angeles, which as someone who lived in LA for years, is not inconsiderable. Most miserable place I've ever lived.
LA is a hellhole. Denver getting there but not quite
caregivers make minimum wage (or illegally less) here in colorado. job turnover, tool costs, and a lack of protection dont help plumbers either. most trades folk, with a lack of unions outside of IEW, are beat up by the time they are 30 and desparate for an office gig.
That is the dumbest statement I have heard in a long time.
Well, not living in Los Angeles is a huge benefit to living in Denver.
I like how the Coloradans that move away are immediately replaced by five Texans and Californians. Lol
I lived here over 58 years. Third worst air pollution in the world? Denver, Colorado. 170 bad things in the tap water, Denver, Colorado. First place, Stolen cars. Denver, Colorado.
Thank you for sharing such an awesome message.Glory to God my family are happy once again
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Hello how do you make such weekly??
I'm a born Christian and sometimes I feel so down of myself because of low finance but I still believe in God.
Maria Angelina Alexander I really appreciate her efforts and transparency.
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
This is a definition of God's unending provisions for his people. God remains faithful to his words. I receive this for my household.🙏
YES!!! That's exactly her name (Maria Angelina Alexander) so many people have recommended highly about her and am just starting with her from Brisbane Australia.
It seems like every major city is singing the same song and dance about the lack of housing supply, yet no zoning laws are changing to address said shortage.
And they shouldn't. Zoning laws prevent horrible monstrosities from being built and preserve trees and gardens and backyards. We need green, but not the overly manicured corporate plants.
@@Wolit51 you understand that you can have greenery with more dense housing right? We aren't talking about turning Denver into Manhattan
@@Wolit51Many European cities are both dense and green. It’s the incumbent bungalow owning NIMBYs who block cities from building up as its overall population trends demand.
@@Wolit51 danver is full of rocks, not good earth for green, what do you expected? you can move to many other place for greens, Denver isn't the place for it.
@@haihengh Lol. You've obviously never been here. Denver currently has lots of green trees, gardens and grass. Scum who want to build housing for people who shouldn't have come here will destroy it.
So in summary: Companies are underpaying workers, they are not willing to pay more, and are suffering a "labor shortage" as a result. Naturally their solution is importing... basically foreign slaves... I mean "migrants" and using them low cost labor. Did I miss anything?
I'm just glad they got the Jazz Flute Guy
If those CEOs really want to hire to migrants, coughing up $500 for a visa is nothing.
Federal government caps that capacity though, because conservatives keep believing there must be an American already around who’s qualified for immediate employment.
I really can’t understand how they make such simple solutions so complicated. if you have a housing shortage just build more homes. I can’t understand why they keep coming up with all these excuses of why they can’t. More people has moved into Texas than they have in Colorado and yet the housing prices as a whole are cheaper than Colorado as a whole.
How can they build more houses when they aren’t paying the wages to keep up with the economy did you eleven watch this ? lol they lost construction labor this year 2400 workers that tells me the market lays shot there for construction based on the economy
@@desilorajr2713 ok so I’m going to break it down to you. The houses in Denver are more expensive because they don’t have enough houses to match the demand which makes the houses more valuable. To bring down the prices of houses you have to build more houses. If they have high demand in houses and yet they laid off 2400 construction workers that tells you their something that it preventing them from building more houses. Usually that is a regulation or two. The wage issue is irrelevant because it is busy as they say they should easily be able to throw higher wages on top of the cause of building houses . The reason why I brought up Texas or let’s say more specifically Houston. Is because despite the fact more people has moved there than Denver, they don’t have this issue. Earlier in the video they brought up San Francisco. San Francisco is a perfect example of too much regulation, making it harder for construction workers to build homes. So until they make it easier to build homes, the cost of homes will stay high. It’s just that simple. And the btw just because they are reporting on it now doesn’t mean it started now. It is very likely this issue has been going on for sometime now and they are using inflation as an excuse
@@Dmindthinker011Denver is 155 sq miles. Houston is 665 sq miles. Really a terrible comparison. And oh by the way, Texas is shipping all their illegal immigrants to sanctuary cities like Denver. So you’re really just off base on the issues Denver is facing. The ability to scale isn’t as easy as “just build more houses”.
@@morgana.3397 Well for one they have said in the video space isn’t the issue so mentioning the square feet is irrelevant. 2 unless you’re saying illegal immigrants are buying the houses then I don’t understand why you are mentioning that point. 3. The illegal immigrants are asking to come there because the sanctuary city status so that is of Denver on doing
@@Dmindthinker011the point is, saying “more people have moved to Houston and they don’t have these issues” is a terrible comparison. It’s a larger city with a greater population. Also, you’re forgetting that Denver has a winter, Houston does not. It’s difficult to build a house when it’s 20 degrees and snowing. Housing isn’t the only issue, it’s traffic, rising hard drug use and crime, and the migrant crisis. I live in Denver, have over a decade and am keenly aware of the issues the state is facing. No one wants to live an hour away from the city and commute in, Denver isn’t as spread out as other metro areas. Yes, it’s a liberal city and certain policies have contributed to the issues we’re facing but hey at least we’re not criminalizing IVF. Lastly, with the migrant crisis, in the last year Denver saw an influx of 40k illegal immigrants, the most of any city PER CAPITA, which is pressuring homelessness, infrastructure, and for those that aren’t homeless, increasing the demand for low cost housing which increases prices as a whole for housing.
This is why I subscribe to CNBC. Journalism at its finest.
I’m not sure if this was journalism at its finest. There wasn’t a whole lot of challenging Polis or Johnston in this video. Very little challenging power. It was kind of a fluff piece for the Colorado neolibs.
Wild to watch something like and see your friend in a clip haha (the instructor @ 6:12)