NAR Thanks President Biden for Addressing Affordable Housing Supply in SOTU

WASHINGTON (March 7, 2024) – The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address.

The following is a statement from 2024 NAR President Kevin Sears:

"The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.

NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. 

Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this crisis--from tax incentives to zoning reforms to expanded financing. 

NAR shares concerns of other housing industry groups that other Administration measures, especially in the area of rental housing, run the risk of reducing the supply of affordable rental housing if onerous regulations drive small property owners from the market and discourage future investment. The Administration’s increasing focus on housing production, however, signals a positive turn, as the housing shortage is the root of our affordability crisis. 

NAR compiled and endorsed a suite of policy and legislative proposals to help increase housing supply, including support for the More Homes on the Market Act and the Neighborhood Homes Investment Act, among others.

Our 1.5 million members stand ready to assist the President and Congress in any way possible to bring this relief to the American people."

Read NAR’s full policy proposals to address housing supply at FlyIn.Realtor.

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. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.