As Greg Gianforte campaigned for his initial term as Montana governor in 2020, highlighting his billion-dollar success as a tech entrepreneur in Bozeman, his endorsement from the Billings Gazette’s editorial page came with a caution.
If Gianforte and the Republican majority gained control, the Gazette editorial suggested Montanans should closely watch how his business-style governance would impact the state’s economy.
The Gazette stated, “We will see if the promise of a small-government version of Montana will lift the economy, with benefits actually trickling down to the state’s less fortunate, or whether the rich simply get richer and the poor poorer.”
Four years later, Gianforte seeks reelection against Democrat Ryan Busse, with economic issues again central. Voters will assess Gianforte’s economic growth against soaring housing costs.
Gianforte, avoiding interviews, campaigns through official appearances, focusing on his record rather than detailing new policies. His economic pitch includes homeowner tax relief by increasing rates on second homes.
“We have more people working in Montana than ever before, our unemployment is at record low levels, and it’s in large part because we understand that we have to help Montanans keep what they’ve earned.”
Republican Gov. Greg Gianforte
Gianforte highlights income tax cuts and a historic budget surplus used for significant tax rebates. He lauds investments from local and international businesses like Amazon in Missoula. Task forces are addressing housing affordability and property taxes as living costs rise.
Busse criticizes Gianforte’s leadership as favoring the wealthy, with little benefit to middle- and lower-income Montanans. He argues, “Every chance he gets, he gives wealthy people an advantage.”
Busse targets Gianforte’s tax policies, highlighting a 21% property tax increase last year. He criticizes pro-development housing bills and advocates for a more equitable Montana.
Busse’s campaign focuses on strengthening public education and union power to maintain Montana’s livability. However, he lacks detailed plans for addressing the housing crisis.
THE GIANFORTE ECONOMY
Montana, once affordable, faced a surge in housing costs during the COVID-19 pandemic. From 2019 to last year, the state’s median rent jumped 30%, impacting economic opportunity.
Gianforte’s tenure has seen mixed economic results. Wage growth has been notable, but inflation and childcare costs have risen. The per capita income rose 31% from 2019 to last year, outpacing inflation but lagging behind home prices.
Gianforte’s focus on economic positives includes advocating for more good-paying jobs. He emphasizes the state’s growth, saying, “Montana’s economy is on the move.”
THE HOUSING CRUNCH
Housing affordability became a major issue mid-term. Gianforte formed a task force to address it, pushing for private sector-led solutions.
Legislative wins touted as a “Montana Miracle” have yet to alleviate public housing concerns. Housing costs remain high, and construction has slowed. Zillow reports the home value index continues climbing.
Busse supports housing tax credits for low-income residents and criticizes Gianforte’s housing policies, advocating for creative housing solutions like Bozeman’s Bridger View project.
Gianforte has backed deregulation to boost construction, arguing, “We’ve got to unleash the private sector.”
THE PROPERTY TAX BALANCE
Property taxes have surged, burdening homeowners. Busse argues for reworking conversion rates to alleviate homeowner strain.
Gianforte proposed a “homestead exemption” to lower taxes on primary residences and raise them on second homes. He said this will “ensure that out-of-staters who don’t live here, don’t pay income taxes here, and own second homes here pay their fair share.”
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