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Mayor calls for more affordable Denver while asking residents to approve a new sales tax

Denver's mayor promises more affordable housing in the city
Denver's mayor promises more affordable housing in the city 02:05

Denver's mayor has a plan to make a more affordable Denver but it will come at a cost to residents. Denver Mayor Mike Johnston announced the Affordable Denver Funding Initiative on Monday.

The goal is to fund more affordable housing by building an additional 44,000 affordable housing units over the next decade. 

Denver Mayor Mike Johnston CBS

The cost is a .5% sales tax increase that supporters claim would give the city an extra $100 million a year. 

"We believe it's possible to build a Denver where everyone who works in this city, can afford to live in this city," said Johnston. 

Any ballot measure must first be approved by the Denver City Council. If that happens, the initiative could be on the November ballot. 

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