On Dec. 9, HUD Secretary Shaun Donovan and Counselor to the Treasury Secretary for Housing Finance Policy Michael Stegman emphasized the importance of including affordable rental housing in any housing finance reform proposal. In his remarks, Stegman said that “it is especially important to explicitly address affordability concerns in a private capital-centric housing finance system where the federal backstop is fairly priced and the GSEs affordable housing goals have been repealed.”
Their remarks were delivered during the Joint Center for Housing Studies of Harvard University’s release of the new “America’s Rental Housing” report at the Newseum in Washington. The report finds that weak income growth combined with rising rents are creating severe affordability problems for American renters, with lower-income households cutting back on food, healthcare and savings, just to keep up. NMHC Chairman Thomas Bozzuto of The Bozzuto Group served on a panel at the event entitled “The Evolution of the Rental Housing Market,” which was moderated by Nick Timiraos of The Wall Street Journal.