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Along with further cutting tax rates, expanding school choice, and reducing the burden of state regulations, lawmakers and governors in many states this year are prioritizing reforms that bring down high housing costs, namely by protecting property rights in a way that facilitates new construction. Lawmakers’ focus on reining in the cost of housing is well-founded.
The National Association of REALTORS® estimated in 2021 that nationwide 5.5 million new housing units are needed to meet current demand.
Governors and legislators recognize that when it comes to making their state as attractive as possible to prospective and existing residents, keeping housing costs down is as important as keeping tax burdens in check. “What matters to movers the most is housing affordability in the destination state,” says the National Association of REALTORS®.