Washington, D.C. –The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) applaud the Biden administration for recognizing the nation’s critical shortage of affordable housing and developing a comprehensive package of regulatory and legislative measures to help address it.
The Administration’s thoughtful proposal rightly acknowledges that there is no single magic bullet that can solve our housing shortage. It is the result of decades of policy failures to address a growing shortage of housing production that has resulted in today’s crisis. In fact, research conducted by Hoyt Advisory Services has found that through 2030, the U.S. will need to build an average of 328,000 apartments every year. That mark has only been achieved five times since 1989.
This crisis predates the pandemic and therefore it is critical that local, state and federal governments, along with the private sector, do all they can to reduce regulatory burdens and encourage the development and rehabilitation of housing of all types and price points.
The Biden administration’s Housing Supply Action Plan acknowledges the challenges to build new housing. We are particularly encouraged that the Plan includes provisions such as:
- Reward jurisdictions that have reformed zoning and land-use policies with higher scores in certain federal grant processes, for the first time at scale.
- Deploy new financing mechanisms to build and preserve more housing where financing gaps currently exist.
- Expand and improve existing forms of federal financing, including for affordable multifamily development and preservation.
- Work with the private sector to address supply chain challenges and improve building techniques.
NMHC and NAA, on behalf of the approximately 40 million Americans who call an apartment home and the 17.5 million jobs that the apartment industry supports, thank the Biden administration for concentrating on the housing affordability and supply issues, as well as rising costs.
These are very real problems that have been ignored for far too long, but we are excited to continue to work with lawmakers in both parties and all levels of government to find solutions as opposed to failed efforts such as rent control.
Find the full Biden administration Housing Supply Action Plan here.
For more than 26 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America's apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 142 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.