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Vail Resorts To Spend $30M to Address Problem of Affordable Housing for its Employees

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The ski town housing crunch is a serious problem in North America, prompting some communities to consider tiny homes and others to bulk up their inventory of deed-restricted properties. Today, Vail Resorts announced a $30-million commitment to develop new employee housing projects in the communities where it operates its 11 mountain resorts. After announcing an increase in wages a few months ago, the latest move by Vail Resorts is a savvy way to ensure continued profitability and a source of local labor.

More on Vail Resorts:
10 Fast Facts On The Ski Industry's Biggest Player: Vail Resorts
Colorado Boosts Vail Resorts' Profits, Tahoe Lags Behind
Vail Resorts Plans to Focus on Mountains, Not Real Estate
What It Means To Ski in a Vail-Dominated World
CEO Admits that Vail Resorts Wants to Take Over World

According to a press release, Vail Resorts plans to use the $30 million in partnership with the cities and counties of the local resort communities. Currently, the company owns and manages more than 3,200 beds, but admits that even more is needed. It will likely take a while for new employee housing to start construction in places like Park City, Tahoe, and Breckenridge, but Vail Resorts stated that they are committed to using "its own land, capital or commitments to long-term lease guarantees to assist in bringing new employee housing projects to fruition."

Robert Katz, chairman and CEO of Vail Resorts, stated, ""The availability of affordable housing is critical for the sustainability and vitality of our resort communities and we firmly believe Vail Resorts should be an integral partner in expanding employee housing capacity." That's good news, because lack of housing options is often the number one reason people leave ski communities.