SALT LAKE CITY — Utah Governor Spencer Cox signed 74 bills into law on Tuesday and answered many questions in an online Town Hall meeting.
The Governor explained how Utah’s water resources are being protected and conserved.
He talked about bringing the Olympics back to the state in 2034, the controversy surrounding the new State flag, and whether Utah is, or ever will be, a sanctuary state.
He also re-emphasized his greatest desire – to solve Utah’s housing affordability problem.
“We need our children and grandchildren to be able to afford to live in our beautiful state,” he said. “I want them to be able to have their own homes,” he added.
The Governor expressed pride in what the Utah Legislature accomplished in the 2024 Session, and urged those taking part in the online Town Hall meeting to “Stay tuned.”
HB 572 and HB 13, which passed the legislature and the Governor has said he’ll sign, helps housing developers access funds for infrastructure at a more favorable interest rate, which savings developers are expected to pass on to first-time homebuyers.
Late last year, Governor Cox called for the construction of 35,000 new starter homes over the next five years, to answer the shortage of starter homes in the market. Developers tend to shy away from the less expensive homes because their profit margin is higher with more expensive homes. But the lack of starter homes, defined as those costing $350,000 or less, and 1,400 square feet or less, and higher interest rates, have made it very difficult for most first-time homebuyers to enter the market.
The Governor said he is “laser-focused on this issue,” and is determined to solve the larger problem of diminishing homeownership in Utah.
On taxes, Governor Cox said he wants to continue to lower taxes for Utahns.
He said, “With the current tax decrease that I’m signing into law, about $1.3 billion in tax decreases, which is huge.” He continued, “I think that the most any Governor had done in history during their term was about $240 million.”
In response to that statement, the Governor’s Democratic opponent in the Gubernatorial race this year, Representative Brian King, said, “They (the tax cuts) come almost entirely out of money that would have been spent on education and other needs of children. For a state that is near the bottom in what we spend on children’s needs, these tax cuts have been irresponsible.”
King also said most of the tax cuts are going to wealthy Utahns.
