Housing Assistance Corporation has been on the front lines of housing advocacy since 1976. Today, the shrinking supply of market-rate year-round housing is pushing Cape Cod toward a tipping point that will begin to affeact everyone - even those who own their homes.

We decided to take a step back and analyze the causes of the region’s housing shortage, its impact and possible solutions. This effort has culminated in a report, “Housing on Cape Cod: The High Cost of Doing Nothing.” We started with two simple questions: What would happen if we did nothing? What more can we do?

The reasons behind the housing crisis are simple. Since Cape Cod is a desirable location to live and vacation, nonresidents and investors are increasingly buying year-round properties and converting them into short-term rentals or keeping them for their own occasional use. The stock of year-round housing is rapidly depleting, and therefore prices are out of reach for Cape Cod residents. Along with these macroeconomic factors is the fact that the remaining supply of developable land is constricted to one-acre single-family zoning and consequently drives up prices beyond the purchasing power of year-rounders.

The housing crisis is already beginning to affect the economy as employers in all sectors struggle to attract and retain employees. Left alone, it will cause shifts in the economy and affect the region’s competitiveness. As businesses are forced to pay more for workers from over the bridges, the cost of everyday goods and services will go up. As year-round workers move, there will be less of a consumer base to support year-round businesses. Some businesses may close. Others may open only in the summer, creating a lack of consumer choice.

Seniors and the Lower Cape will be most affected by the shifting workforce. Certified nursing assistants and other health care workers will not drive long distances for short shifts and low wages when the same work opportunities are available in their own communities. The Lower Cape is a commuting boundary for workers of all types.

The Cape is changing quickly, and the cost of doing nothing is simply too great.

But it’s not too late, nor is the situation out of local hands. However, it will take cooperation among organizations, industries and towns. Remediating Cape Cod’s housing shortage requires pushing multiple levers at the same time, beginning with the concrete policies outlined in our report.

Along with traditional affordable housing programs, we need to make it easier to build and rent accessory dwelling units; update zoning to increase housing supply in a culturally and environmentally appropriate way; and build regional capacity for action by educating residents and community leaders on housing and development issues. As part of the solution, Housing Assistance Corp. has officially launched Rent 365, a pilot program that encourages homeowners to convert their seasonal or vacation rentals into year-round housing. We will offer a financial incentive to homeowners who decide to lease year-round, and we will and shepherd homeowners through the conversion and tenant-selection process.

Low-income families suffer first and most acutely when market-rate housing skyrockets, but they are not alone. We therefore believe that housing policy and advocacy on Cape Cod needs to address the totality of the housing crisis.

We are surrounded by water and have limited developable land options, so the next five to 10 years of zoning decisions, housing policy and economic development cannot be accidental. Nor is waiting for state and federal policymakers to create a silver-bullet solution a viable choice. Ultimately, Cape Codders must consider the integrated full picture of the Cape Cod economy, environment and community of today, and take a multipronged approach to building a healthy future.

Read the report, provide feedback, and be part of the solution at www.capehousing.org.

Alisa Magnotta Galazzi is CEO and Mark Forest is chairman of the Housing Assistance Corp. in Hyannis.