Housing supply is the number one issue for millions of consumers who are locked out of the market. Middle-income, first-time, and first-generation homebuyers shoulder the greatest burden of the historic 5.5 million housing unit gap, as they face more obstacles in the current economic climate.
NAR has been on the front lines for the past two years advocating for affordable housing – and spurring legislative and executive action.
In March, the White House included a historic funding request for affordable housing in its fiscal year 2023 budget proposal.
In May, thousands of REALTORS® descended on Washington, D.C., and hand-delivered to Congress a comprehensive list of actions they could take to address the housing shortage. A couple weeks later, the Administration released the President’s Housing Supply Action Plan.
In July, NAR Chief Economist Lawrence Yun testified before the Senate Banking Committee on housing inventory and affordability. That month, the Treasury Department allowed the use of $350 billion in American Rescue Plan funds for developing, repairing, and operating affordable housing units.
This crucial effort continued in September, as NAR President Leslie Rouda Smith participated in a White House meeting with Administration officials and a diverse group of housing industry leaders to discuss viable solutions to the nation’s housing supply and affordability crisis.
The candid discussion covered legislative, administrative, private sector, and state and local actions to address housing supply and affordability challenges across the country.
President Leslie conveyed NAR’s support for a comprehensive plan that includes investment in new construction, zoning reforms, expansion of financing, and tax incentives to spur investment in housing and convert unused commercial space to residential.
National Association of Home Builders CEO Jerry Howard echoed these priorities, saying builders have urged the administration to create policies to ease supply chain problems, which contribute to construction delays and higher home building costs.
Last week, NAR reinforced this message with a letter to the National Economic Council laying out a comprehensive roadmap of policy proposals to spur federal action and incentivize state and local governments, and private actors, to boost supply and affordability.
NAR will continue to raise the alarm on housing supply and engage in productive discussions like these with the Administration, policymakers, and our industry partners to advance viable reforms that have a lasting impact on the housing market.