Increased Supply and Collaboration Needed to Combat Housing Affordability Crisis

Housing Affordability
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NAHB kicked off its Election 2020 series last month in Minneapolis with a town hall event to discuss of how municipalities are tackling the housing affordability crisis. The event, produced in partnership with The Hill, featured state and local government officials, industry leaders and community partners sharing their insights on the challenges of housing affordability and potential solutions to address housing inequity. The Hill has followed up its town hall coverage with a video segment spotlighting the overall impact of the housing affordability crisis. The segment provides an overview of the topics surrounding the crisis, and features interviews from community panelists at the Minneapolis event and subject matter experts. "This has become an issue for all segments of the community because everyone knows somebody who has had a housing challenge," stated Ellen Sahli, president of the Family Housing Fund. "You can hardly pick up a newspaper and not see some kind of issue around housing affordability." Key takeaways from the segment include:
  • Supply is a primary concern and barrier to housing affordability, especially at more moderate home prices. Affordable products — and the financial tools to gain access to homeownership — will be essential to help families achieve the dream of owning a home.
  • More than one million homes a year are needed to help meet the demand of the current population, and it will take partnership among all levels of government and the private sector to help meet that goal.
  • Inclusionary zoning is sometimes discussed as an option but it should be weighed carefully against its possible downfalls.
"There’s just not enough being built to be able to make sure that there’s some of that housing stock that’s affordable to people with lower and mid-incomes," observed Cathy Bennett, director of advisory service and product councils at Urban Land Institute Minnesota. See more discussion in the video segment below. [bc_video video_id="6115280064001" account_id="260701690001" player_id="BJMWPKF2" embed="in-page" padding_top="56%" autoplay="" min_width="0px" max_width="640px" mute="" width="100%" height="100%" ] *Note: This segment has been edited to remove advertising and other features. Details for future episodes and events can be found here.

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