Axios Event: Richmond leaders identify housing as top need

RICHMOND, VA. – As the Richmond region's population continues to grow, housing shortages are affecting the community as demand for housing outpaces supply.

Why it matters: A lack of housing could curb economic growth from both businesses and new residents.

• Axios Richmond reporters Karri Peifer and Sabrina Moreno moderated conversations with Richmond Mayor Levar Stoney, Greater Richmond Partnership president and CEO Jennifer Wakefield and Virginia Department of Housing and Community Development director Bryan Horn at the event, which was sponsored by Capital One.

What they're saying: "The number one issue that is shaping Richmond's future is the word housing," Mayor Stoney said.

• "We're growing and thriving, and that's attracting a number of people who want to move and are choosing Richmond today. Folks who are living in the DMV, folks who are living in California are all choosing Richmond, and right now we don't have enough homes, enough supply, to accommodate this growth," Stoney said.

"There's not enough going around, so in part it is a supply issue," Horn said. "So when you have increases in economic development you want to make sure that we're already there talking about the housing, and it requires intentional conversations and intentional collaboration, and that is what I'm seeing across the state more and more."

Yes, but: Economic development leaders still want to attract more corporate executives to the area. When asked whether the "secret" of Richmond is out yet, Jennifer Wakefield said "it's not out to everyone, so it's not out to corporate executives."

What's next: "We're investing with subsidies. We're putting $50 million into affordable housing over the course of the next five years to help generate more affordable homes," Mayor Stoney said.

Sponsored content:

In a View from the Top sponsored segment, Capital One president of the Insights Center Shena Ashley and Mastercard North America Small Business lead Ginger Siegel noted the rise of small business in Richmond and shared results of Capital One's recent study on the topic.

• "What we found in this study is Richmond small businesses are growing, have rebounded very well post-pandemic and are continuing to thrive," Ashley said.