U.S. Senator Michael Bennet  Monday announced his platform to improve housing affordability in Colorado if he is elected governor in 2026. His plan includes a 30 percent increase in state-supported housing projects.

Bennet, a Democrat, wants to support first-time home buyers, preserve existing affordable housing units, streamline state housing resources and processes, reduce construction costs and reduce homelessness. He said those efforts combined with more private investment can lead to a 30 percent increase in the housing stock

“I believe Colorado can be a place where families don’t have to spend more than 30 percent of their income on housing,” Bennet said. “A place with starter homes for young people, family homes for parents raising kids, and affordable options for seniors.

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More creative state investments and partnerships can yield additional housing, Bennet said, adding that projects should move fast and involve collaboration with local and state government and other stakeholders.

“I think that this is the No. 1 priority in Colorado, and we obviously are going to be facing a challenging budget environment, there’s no doubt that’s true, but if I’m elected governor, this housing project will be at the top of my list as a priority to fund,” Bennet said.

Bennet announced his housing priorities Monday at a construction site on the Auraria Campus in Denver where Metropolitan State University is developing housing for students and workers on state-owned land.

“If we keep on the path that we’re on today, our families will be priced out of this state,” Bennet said. “Our companies will be priced out of the state. Our kids will be priced out of the state, and that’s why I think this has to be our No. 1 priority.”

If we keep on the path that we’re on today, our families will be priced out of this state.

Most of the state’s housing funds come from Proposition 123, a measure Colorado voters approved in 2022 that dedicates an additional $300 million annually to the state’s affordable housing efforts. It protects the additional revenue by exempting the funds from the annual limits set by the Taxpayer’s Bill of Rights, the 1992 state constitutional amendment that places restrictions on Colorado’s tax and spending levels.

The Colorado Legislature in recent years has passed several laws reforming land use policies in the state to encourage additional housing construction. That includes laws to streamline modular and manufactured housing, expand the parts of the state where accessory dwelling units are universally allowed, incentivize denser housing around transit hubs, and reduce litigation risks for construction defect claims. Colorado Governor Jared Polis has made “More Housing Now” a key goal throughout his second term as governor.

Demographers estimate Colorado needs about 100,000 more units to meet the housing demand in the state.

Bennet is running against Colorado Attorney General Phil Weiser in the Democratic primary in June to be Colorado’s next governor. Whoever wins the Democratic nomination will likely be favored to win the general election. Colorado hasn’t had a Republican governor since Governor Bill Owens left office after the 2006 election.