Boulder’s affordability crisis is hurting workers and our economy. For many low- and middle-income workers, the city’s housing costs and stagnant wages have turned Boulder into an increasingly inaccessible place to live.
While the Boulder City Council’s decision to raise minimum wage is a step in the right direction, it doesn’t address the main issue — wealth. To meaningfully support workers and create an inclusive, thriving economy, Boulder must think beyond incremental wage increases and consider bold, long-term strategies to empower workers to build wealth and secure their future in the community they sustain.
In November, Boulder City Council gave final approval to an ordinance establishing a city minimum wage of $15.57. The wage will increase by 8% annually for the following two years with the goal of reaching a minimum wage of $25 by 2030.
Increased pay is an important piece of the labor and economy puzzle, but $25 an hour still doesn’t enable someone to live in Boulder. The median house price is over $1 million, and in order to live in Boulder, as a family, your income has to be six figures.
Boulder’s economy has been slow to recover from the pandemic, with flat sales tax revenues reflecting the strain. As elected officials embark on their economic development planning, they must focus on workers. Making Boulder more accessible and desirable for those with modest incomes — and ensuring that workers’ wellbeing and economic opportunities are at the heart of the city’s strategy — will be key to building a thriving, sustainable economy.
I have two strategies that city managers and the council should consider.
Expand and incentivize broad-based business ownership
Boulder’s business community has created significant wealth, but this success has largely benefited founders and investors. Imagine if more employees had shared in these financial rewards through profit-sharing or ownership stakes via an Employee Stock Ownership Plan (ESOP). While some employees have benefited financially from the success of companies, many missed out on the substantial wealth that could have been distributed more broadly in an employee-owned model.
The impact of shared ownership is well-documented but often overlooked as a governance model. Academic studies show that companies where at least 30% of the shares are broadly owned by employees are more productive, grow faster and are less likely to fail. Research by the National Center for Employee Ownership indicates that employee-owners have higher wages and net worth, receive better benefits and are less likely to lose jobs because of cuts and outsourcing compared to workers without ownership stakes.
The state of Colorado is a leader in employee ownership. We are one of the only states with an employee ownership state office, and through that office, tax incentives are provided to help founders and owners of businesses share ownership.
Boulder has an opportunity to build on this energy and boost financial security by incentivizing employee ownership conversions and educating workers on the benefits of shared ownership. Local organizations, like the Rocky Mountain Employee Ownership Center and the Center for Community Wealth Building, are well-equipped to guide the city in shaping these initiatives. National groups such as the Democracy at Work Institute also offer proven frameworks through their Shared Equity in Economic Development programs to help cities implement these strategies.
Establish an Office of Community Wealth Building
Another initiative should be focused on workforce development and community building in the form of an office of community wealth building. This kind of office was set up in Virginia and proved to be incredibly successful, cutting the poverty rate by more than a third.
Locally, more intermediaries are needed to connect people to opportunities, upskill workers and offer networking and mentorship.
I received similar support as a participant in the early Boulder tech scene. Groups like TechStars, Galvanize and the Hub created an incredible ecosystem of training, connection and job placement. But the energy and momentum of that industry has dissipated in Boulder, leaving a void.
The skills that workers need are changing, especially in the wake of generative artificial intelligence (AI). An office of community wealth building could provide training on AI, education on financial literacy, provide mid-career coaching and mentorship and establish regular networking events that enable the community to come together. This work would expand professional development and economic mobility for workers and attract them to this city.
At the Chamber’s 2025 Economic Forum, experts warned about continued worker shortages. Boulder’s growth depends on its ability to attract and retain talent. The city must rise to this challenge by fostering an economy that values workers as essential stakeholders. Through innovative approaches, like employee ownership and workforce development programs, Boulder can transform its economy into a model of inclusivity and prosperity for other cities to follow.
For Boulder to secure its economic future, it must address the underlying barriers that prevent workers from living and thriving here. By focusing on policies that empower workers and create equitable opportunities, Boulder can become a city where everyone — regardless of income — has a stake in its success.
Andrea Steffes-Tuttle is an entrepreneur and economic justice advocate. Holding master’s degrees in both anthropology and business from CU Boulder, her research and work center on corporate accountability, worker rights and alternative governance models. She was born and raised in Boulder, where she now lives with her husband and son.
This opinion does not necessarily represent the views of Boulder Weekly