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By LAUREL STAVIS

In her inaugural address, Gov. Kelly Ayotte made a bold promise: housing would be her top priority. She was right to do so. New Hampshire is facing a unprecedented housing crisis — rents are skyrocketing, workers can’t afford to live where the jobs are and our economy is choking on a critical shortage of affordable homes. But now that her first biennial budget has taken shape, that promise rings hollow.

By LAUREL STAVIS

The New Hampshire housing market is in what economists call a state of disequilibrium — a self-perpetuating syndrome where the normal rules of supply and demand don’t work anymore. Some believe the situation will eventually correct itself. But when...