Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Solutions for "America’s Housing Shortage"?

The nation faces a shortage of 5.5 million homes, a gap so large it would take more than a decade to close, even if new-home construction accelerates, according to research from the National Association of REALTORS®.

The Biden administration on Monday unveiled a plan that calls for legislative and administrative actions to try to close America’s housing shortfall within five years.

The plan includes steps to create and preserve hundreds of thousands of affordable housing units in the next three years, including policies aimed at reducing housing costs and ensuring affordability, such as rental assistance and down payment assistance. It also calls for boosting the housing supply by rewarding areas that have reformed their zoning and land-use policies by offering higher scores in certain federal grant processes.

“For too long, land use restrictions have driven up the cost of housing for too many,” NAR President Leslie Rouda Smith says. “NAR supports policies encouraging states and localities receiving federal dollars to explore high-density zoning and other land-use rules that lock out families. We also support new grant programs for localities to enact pro-housing policies.”

Source: National Association of REALTORS® and Whitehouse.gov

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