Following Michael Wilkos's comprehensive presentation on regional housing dynamics, Worthington residents engaged in a substantial question-and-answer session, focusing on policy impacts, market forces, and local implications of the housing crisis affecting Central Ohio.
Columbus Housing Bond Package: Impact and Limitations
The first question addressed Columbus's proposed $500 million housing bond issue, which Mayor Andrew Ginther has promoted as not increasing taxes due to voter approval keeping interest rates low. A resident asked about the potential impact of this investment.
Wilkos noted that, while exact calculations haven't been publicly presented, previous bond packages achieved approximately 5-to-1 leverage ratios. This suggests the $500 million could generate $2.5 billion in below-market-rate housing development.
However, he cautioned against viewing this as a panacea. The 2019 $50 million bond package produced 1,300 affordable housing units, but those gains were entirely eliminated when local government closed Latitude 525, Colonial Village, and Galloway Village due to deplorable conditions.
"So costs are skyrocketing," Wilkos observed. "How much is half a billion in 2025 relative to 200 million in 2022? That's also kind of a problem."
He emphasized that Columbus currently produces 46% of regional housing but only 14% of single-family homes while building 71% of apartments. "I don't think that's good for the city because I don't want to live in a city that's all renters," he stated, advocating for balanced housing development.
Institutional Investor Concerns and Legislative Limitations
A resident inquired about potential legislation to limit out-of-state investors buying up neighborhoods and controlling rent prices. Wilkos expressed skepticism about state-level solutions, citing Ohio's political climate as unlikely to support such restrictions.
He detailed three problematic behaviors of institutional investors: sitting on vacant properties to benefit from scarcity models, performing inadequate cosmetic renovations, or maintaining properties with marginal tenants just to keep utilities active. These investors typically aren't local and prove difficult to contact when problems arise.
Wilkos shared devastating examples of institutional ownership failures. At Latitude 525 (the pyramid-topped towers on I-670), water pipe failures on Christmas morning forced permanent evacuations, with residents losing all possessions. For Colonial Village, condemned in December 2023, Columbus spent $7.5 million on hotel bills between December and July housing 550 displaced families who couldn't find alternative apartments in the tight market.
"Any way you want to slice it and dice it, those institutional buyers are not providing assets and they're not local," Wilkos concluded.
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Immigration Policy and Regional Labor Market
When asked about potential federal immigration policy changes affecting housing demand, Wilkos noted that most international arrivals to Columbus are secondary moves from other U.S. cities rather than direct immigration. People choose Columbus for family connections, reasonable housing costs, good social services, and employment opportunities.
He shared that between 2010-2020, international arrivals represented 26% of regional growth, but this jumped to 71% after 2020. Any significant reduction could severely impact industries dependent on new American labor, particularly logistics, warehousing, distribution, and food service sectors.
"Last year we added 14,900 jobs to the metropolitan region and that wasn't job openings, that was new jobs that got filled," Wilkos explained, emphasizing the economic importance of continued immigration.
He added that 41% of every new American arriving in Ohio chose Franklin County, demonstrating the region's concentrated appeal for international arrivals seeking economic opportunity.
Local Housing Burden and Market Consequences
A pointed question about Worthington's existing housing cost-burdened residents and the consequences of not increasing housing supply prompted Wilkos to emphasize market fundamentals. "When you have high market demand and limited supply, it's gonna push those prices up even higher."
He cited Columbus City Council President Shannon Hardin's perspective that property tax increases represent "the first sign of a market that has more demand than it has supply." Waiting for later warning signs means waiting too long, as demonstrated by Austin and Denver's housing price explosions.
Wilkos highlighted that major companies relocating to Central Ohio - Intel, Honda EV, Hyperion, Solar USA - are all coming from California, mirroring the pattern that drove Austin's crisis. "It is predictable and tragic if we don't build one housing unit for every one job," he warned.
The consequences affect multiple demographics: young people lose access to starter homes, seniors face escalating property taxes, and the region loses attractiveness to workers from nearby industrial cities if they can't navigate Columbus's housing market.
Worthington's Regional Responsibility
While acknowledging Worthington's relatively small size in addressing projected regional growth of 750,000 new residents, Wilkos emphasized that local housing assessments identify demand for 2,000 additional units in Worthington specifically.
He challenged the community to ensure those units serve existing demographics while focusing on young people and seniors. Drawing a contrast with Union County, where only 17% of existing residents can afford newly-built homes, he warned against pricing out local populations.
"Young people who grow up in Union County who love it can't stay, and the seniors who love Marysville in Union County also can't stay," Wilkos explained. "And so where are they going? They gotta come to Franklin. And that's putting more of a burden on Franklin."
Session Conclusion and Ongoing Engagement
The question-and-answer session concluded with Wilkos offering to speak with additional community groups and emphasizing the value of continued dialogue on housing challenges facing the region.
City Manager Robyn Stewart closed by encouraging continued community engagement in the Worthington Together process, noting eight days remaining in the first round of public input.
Two additional speaker series sessions are planned for fall: one focusing on quality of place and community character, and another addressing economic development and business opportunities.