It’s no secret that Denver’s skyrocketing rents and housing prices have left many behind. As a result, Denver City Council recently took action to raise the city’s financial commitment to affordable housing.

The council approved higher taxes on marijuana, as well as new money from the city’s general fund to add $15 million to the housing fund, raising the total to $30 million.

“About half of the new money will go to the Denver Housing Authority, allowing it to take on $105 million of new debt in order to accelerate redevelopment projects and land purchases,” notes the Denver Post. “Altogether, the change could result in the creation or preservation of about 6,200 additional below-market homes over the next decade, doubling the previous projections.”

The tax rate on marijuana will rise from 3.5% to 5.5%, beginning this month (October). A spokesperson for the Marijuana Industry Group said that this would raise the price of a $50 purchase by about $1.

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