There’s a “Gap” in affordable housing across the nation and we are experiencing a crisis according to the national statistics and the obvious surge in homelessness. Presently, there is a shortage of 7 million affordable rental homes available to low and medium income renters. In other words, not one state has an adequate rental housing supply. This is part of the inflation conversation everyone is having, renters working full time cannot afford a 2 bedroom apartment in the United States of America. Overall, rents have increased 32% between 2017 and 2022 according to The Center on Budget and Policy Priorities.
Developing new units is opportunistic for the commercial real estate industry and the housing demand certainly outweighs the supply. Three initiatives can now be implemented to help with affordable housing; a developer-friendly tax credit, preservation of already existing affordable housing and stronger advocacy towards reducing the timeline of local zoning approvals.
The gap may still exist but it can be mitigated in removing outdated and traditional barriers to homeownership while we lobby and vote for higher quality of housing for everyone. Contact members of Congress to enact historic housing investments. Addressing the affordable housing crisis requires expanding rental assistance now while challenging developers, architects, engineers, states and municipalities to focus on accomplishing more units at a faster rate.