WASHINGTON (May 16, 2022) – National Association of Realtors® President Leslie Rouda Smith issued the following statement Monday regarding President Joe Biden’s plan to address the housing supply shortage:
“Last year, a landmark research report commissioned by NAR recognized a shortage of 5.5 million homes in the U.S.—a gap so large it would take more than a decade to dig out of, even with accelerated new construction.
“With rising mortgage rates and a persistent shortage of affordable homes, the dream of homeownership is limited for many middle-income, first-time, and first-generation homebuyers. Urgent action is needed to tackle our nation's housing supply crisis. NAR welcomes the administration’s work on this effort and encourages policymakers to look at comprehensive action.”
Last month, NAR’s Vice President of Policy Advocacy Bryan Greene joined Gene Sperling, American Rescue Plan Coordinator and Senior Advisor to the President, and Erika Poethig, Special Assistant to the President for Housing and Urban Policy, for an event with Third Way to discuss how to solve the housing supply crisis.
“Comprehensive action is needed that includes zoning reforms, investment in new construction, expansion of financing and tax incentives to spur investment in housing and convert unused commercial space to residential,” Rouda Smith continued.
“For too long, land-use restrictions have driven up the cost of housing for too many. 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.”
For more information on policy proposals supported by NAR: 2022 REALTOR® Legislative Priorities.
For more information on NAR’s work with Third Way: NAR, Third Way Discuss Supply and Affordability Crisis.
The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.