The housing crisis in Colorado keeps setting records, with homelessness hitting an all-time high in 2024. Here is the twist most people miss: the problem is not a shortage of homes. It is who owns them, and why.
A recent report by Eric Galatas, published through Public News Service, found that many available units are tied up in the portfolios of billionaire investors, held as wealth storage rather than lived in as homes. Hedge funds and the ultra-wealthy have been buying property at a staggering pace, pushing prices up and pushing ordinary families out.
Omar Ocampo, researcher at the Institute for Policy Studies and co-author of the report, puts it plainly. These luxury units are not built for people to live in. They are built for profit.
"Basically, the only people who can afford it are people who are ultrahigh net worth, or at the top of the income distribution."
The result is a market with record vacancy rates climbing right alongside record homelessness. A market that has lost the plot on what homes are actually for.
At reSpace, we think there is a better way. We turn a single home in a premier neighborhood into a small community of individual owners. We call it co-homeownership, and it lets people buy into places that would otherwise stay out of reach.
Each Co-Homeowner owns a private suite and shares the common areas. Each has their own mortgage. Each can buy or sell independently of the others. You are an owner, not a tenant.
Why Co-Homeownership Works
Homeownership has long been the foundation of financial stability for working families. Lately it has been slipping away from them.
Large corporations have converted rental stock into short-term vacation properties and high-end units that sit empty. That shrinks the supply for middle-income families and drives rents higher. Corporate landlords win by raising prices and by keeping homes away from the people who need them.
Co-homeownership flips that script. It creates real ownership in desirable neighborhoods without the full cost of owning an entire property on your own. Instead of paying rent to a landlord who holds no stake in your future, you put your money toward something that is yours: ownership you keep, in a prime location, on terms a working person can actually reach.
Building Wealth Over Time
With reSpace, you are more than a renter. Every payment goes toward your own ownership stake in the home rather than someone else's bottom line.
Traditional homeownership can feel impossible right now. Our model puts the path back within reach. This is not only about getting into a home. It is about building wealth over time and the stability that comes with it.
Our vision lines up with what millions of Americans need. Like so many in Colorado, they have watched ownership drift out of range as investor-driven prices climb and homes get converted to higher-margin uses. Rather than wait on government housing alone, reSpace gives people a way to take charge of their own housing future through shared ownership. That comes with both financial footing and a genuine sense of belonging.
A Solution You Can Use Now
The report calls for public investment and policy to push back on corporate dominance in housing. We see that as a partner to our mission, not a substitute for it. Legislation matters. So do immediate, real options for people who want to own today.
We believe anyone who wants to own should be able to, whatever their income.
By redefining ownership through co-homeownership, reSpace offers an attainable answer to a crisis that has hit Colorado and far beyond. Join us, and let's turn the tables on the housing crisis, one home and one Co-Homeowner at a time.
At reSpace, we are not just building homes. We are building pathways to wealth and stability for the people who need them most.
Source: Report: Colorado's housing crisis linked to billionaire investors, via Public News Service.
Frequently Asked Questions
What is co-homeownership?
Co-homeownership turns a single home in a premier neighborhood into a small community of individual owners. With reSpace, each Co-Homeowner owns a private suite, shares the common areas, and carries their own mortgage. You are a real owner, not a tenant, and you can buy or sell your share independently of the other owners in the home.
How does reSpace make homeownership more attainable in expensive markets?
By splitting one home into individually owned suites, reSpace lowers the cost of buying into a desirable neighborhood. Instead of carrying the full price of an entire property alone, you own a portion of a premier home. That puts prime locations, the kind often priced out of reach in cities like Seattle, back within range for working people.
Do I actually own my home with reSpace, or is it like renting?
You own it. Each Co-Homeowner holds their own mortgage on a private suite and shares the common areas of the home. Every payment goes toward your own ownership stake rather than a landlord's bottom line. Because you hold a real ownership position, you can sell your share independently when you choose to move on.
How is co-homeownership different from buying a condo?
Both give you ownership, but co-homeownership places you in a full single-family home in a premier neighborhood alongside a small group of owners, not a large multi-unit building. You own a private suite and share thoughtfully designed common areas. It is built around a real sense of community and access to neighborhoods that often sit out of reach for solo buyers.
Can co-homeownership help build wealth over time?
Yes. Because every payment goes toward your own ownership stake rather than rent, you are building toward something that is yours. That ownership, in a desirable location, brings the financial footing and stability that traditional homeownership has long provided. It is about getting into a home today and building lasting stability for tomorrow.
Does reSpace operate in Seattle?
Yes. reSpace is based in Seattle and brings co-homeownership to premier neighborhoods across the area. Our model is designed to open up the kind of sought-after locations that have grown harder for working people to reach, whether the pressure comes from investor-driven prices or homes converted to higher-margin uses. We believe anyone who wants to own should be able to.