Today’s housing affordability crisis is directly related to the inadequate supply of affordable homes. Over the past 15 years, the United States has underbuilt housing by millions of homes. This undersupply is driving both rental costs and home sale prices steadily higher, making it more and more difficult for both individuals and families to live in the communities where they work, attend school, or even grew up. Without adequate housing, our communities’ growth will be majorly stunted.
Earlier this month, I introduced bipartisan legislation to create a pilot program in 10 geographically diverse communities. The program would allow qualifying municipalities to apply for funds after demonstrating how they have streamlined processes that were previously barriers for developers and communities to construct affordable housing. The current housing supply emergency requires a quick and effective response, and this model demonstrates the impact that a thoughtful, deregulatory approach can have.
