Groups issue SOS on rising costs and supply shortage
A coalition of housing providers has sent a letter to Congress and President Biden demanding urgent action to address America's worsening housing affordability crisis.
The letter emphasized the lack of housing in many communities, making it impossible for working Americans to afford rentals or homeownership.
“Today, too many hard-working Americans are unable to rent or buy homes due to increased housing costs,” the coalition wrote. “These rising costs are driven by a lack of supply created by barriers to development that increasingly make it extremely challenging, particularly a price affordable to low- and middle-class families.”
The letter noted that the total share of cost-burdened households (those paying more than 30% of their income on housing) increased steadily from 28% in 1985 to 36.9% in 2021, while other households have been priced out of communities altogether in their search for affordable housing.
The groups (including builders, lenders, and resident advocacy groups) warned that the current situation is "not sustainable, particularly in a period of high inflation" and urged policymakers to "immediately move forward on measures that would go a long way to increasing the nation's housing supply and alleviate the housing affordability challenges communities across the country are facing."
"Housing has always been a bipartisan issue. Policymakers at every level of government have a role to play in removing obstacles to housing production and preservation and in addressing the housing affordability challenges that have faced this country for decades," the letter adds.
The coalition, comprising over 20 organizations representing housing providers, lenders, and residents, pledged to work with the government on "incentive-based programs, streamlined regulatory burdens and innovative solutions" to tackle affordability woes.
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Signatories include the National Association of Realtors, Mortgage Bankers Association, National Multifamily Housing Council, National Association of Home Builders, and the American Seniors Housing Association, among others.
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